FASB unlikely to delay FIN 46, says CSFB

The "complex” and “vague” rule could affect close to $400 billion of off-balance-sheet assets related to S&P 500 companies and “could affect almost every line in the[ir] financial statements”, according to CSFB. These include credit ratings, loan covenants and regulatory capital. CSFB believes estimating the impact of FIN 46, which affects off-balance-sheet vehicles related to collateralised debt obligation and asset-backed commercial paper conduits, among others, is “virtually impossible”

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