FASB Adjusts Effective Date On Securitization Changes, Earlier Disclosures

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By Edith Orenstein, FEI Financial Reporting Blog - At its board meeting earlier today, FASB voted today to have a single effective date for its proposed amendments to FAS 140, Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities, and FIN 46R, Consolidation of Variable Interest Entities, which impact off-balance sheet treatment of securitizations, including mortgage and other securitizations. Calendar year-end companies would be impacted by the changes in 2010. Separately, FASB voted to release a proposed FSP that would require certain 'transitional disclosures' in advance of the broader amendments - with FASB wanting to see the transitional disclosures effective 'as soon as possible.' Read more here.

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