FASB Votes To Make New Securitization Disclosures Effective This Year
By Edith Orenstein, FEI Financial Reporting Blog -
At its board meeting earlier this week (Wed. Nov. 12), FASB redeliberated Proposed FSP FAS 140-e and FIN 46(R)-e, Disclosures about Transfers of Financial Assets and Interests in Variable Interest Entities, and voted to make the new disclosure requirements effective for fiscal periods ending after Dec. 15, 2008, with earlier application encouraged. In addition, language will be included to clarify that if the FSP is adopted in a period other than an annual reporting period, it will apply to the initial interim period and each annual reporting period thereafter. Read more here.