Printer Friendly

FASB defers implementation of Interpretation no. 46.

* FASB defers implementation of Interpretation no. 46, "Consolidation of Variable Interest Entities" ( and releases all exposure draft (ED) of a clarification ( 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 ( 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.
COPYRIGHT 2003 American Institute of CPA's
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2003, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:Accounting
Publication:Journal of Accountancy
Date:Dec 1, 2003
Previous Article:The AICPA accounting and review services committee (ARSC) issues three interpretations of AR section 100, "Compilation and Review of Financial...
Next Article:The auditing standards board (ASB) issues Statement of Position 03-2, Attest Engagements on Greenhouse Gas Emissions Information.

Related Articles
CCR polls members on FIN 46 deferral.
FASB defers Consolidation rule.
FEI CEO's top financial reporting issues for 2004.
FASB issues exposure drafts to improve accounting guidance, support convergence of global accounting standards.
FASB exposure draft on uncertain tax positions.
Ask FERF about ... taxes, taxes, taxes.
An early implementation guide to accounting for uncertain tax positions.

Terms of use | Privacy policy | Copyright © 2022 Farlex, Inc. | Feedback | For webmasters |