FASB to review SPV disclosure
On December 15, the Financial Accounting Standards Board (FASB) will issue amendments to FAS 140 and Fin 46, two accounting rules that deal with the disclosure of off-balance-sheet vehicles.
The FASB declared its intention to change the rules on June 11, but initially postponed the modifications until July 2009. However, due to the deepening financial crisis, the FSAB has now decided to fast-track the proposals in a move that will bring special purpose vehicles (SPVs) back onto balance sheets. In September, the board released a draft version of the new rules for comment.
The American Securitisation Forum (ASF) and the Securities Industry and Financial Markets Association (Sifma), two industry bodies, have estimated the amendments could affect around $10.4 trillion worth of assets.
See also: A balancing act
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