FAS 107, FIN 46R Update

Share this content

Yesterday (Jan. 30), FASB released Proposed FSP FAS 107-b and APB 28-a, Interim Disclosures about Fair Value of Financial Instruments. The proposed FASB Staff Position (FSP) replaces the earlier proposed FSP FAS 107-a. The proposed FSP would require disclosures about fair value of financial instruments in interim financial statements as well as in annual financial statements, effective with interim and annual reporting periods ending after March 15, 2009. The comment deadline is March 2. Read more here.

Earlier this week, FASB voted to drop the quantitative test - and retain only the qualitative test - for determining the primary beneficiary of a variable interest entity under FIN46R, Consolidation of Variable Interest Entities. This decision and other decisions were reached as FASB continues to redeliberate final changes to its proposed amendment of FIN 46R and FAS 140, Transfers of Financial Assets. Read more here.


Please login or register to join the discussion.

There are currently no replies, be the first to post a reply.