By Edith Orenstein, FEI Financial Reporting Blog - FASB announced yesterday (Action Alert
, July 24) that at next week's FASB board meeting, it will “reconsider the effective date and transition provisions” for its upcoming proposals to amend the securitization standards (FIN 46R and FAS 140). Additionally, FASB will “consider transitional disclosures and the timing of both projects.”
Earlier today (July 25), Congressman Spencer Bachus, Ranking Member on the House Financial Services Committee, announced that he sent a letter to the chairmen of the SEC and FASB earlier this week, asking them to “extend the deadline for changes” to the above FASB standards.
Read more here.