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FASB defers implementation of Interpretation no. 46.

* FASB defers implementation of Interpretation no. 46, "Consolidation of Variable Interest Entities" (www.alcpa.org/pubs/jofa/apr2003/news.htm#financial) and releases all exposure draft (ED) of a clarification (www.fasb.org/draft/ed_prop_lnterp_vie.pdf) of its requirements. The deferral applies only to such entities created before February 1, 2003, and gives companies and their auditors more time to determine which ones to include in their consolidated financial statements. Companies must complete their evaluations and consolidate--for the first reporting period ending after December 15--those variable interest entities of which they are the primary beneficiary. Calendar-year companies must include such consolidations in their December 31 financial statements (www.fasb.org/news/nr100903.shtml. The board issued the ED in response to constituents' concerns about implementation requirements; its provisions would apply at the same time as those of the interpretation. Comments are due by December 1.
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Title Annotation:Accounting
Publication:Journal of Accountancy
Date:Dec 1, 2003
Words:148
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