Financial accounting standards board selects hall for advisory committee.
"With Bill's appointment to this committee, we believe that FASB will better understand franchising when formulating policies so that another situation like the recent FIN 46 situation can be avoided," said IFA Pres. Don DeBolt. This past fall, the board interpreted a measure, FIN 46 Consolidation of Variable Interest Entities, in such a way that it would have required franchisors, in some cases, to consolidate their franchisees' financial statements to promote more transparency in corporate structures and financial transactions involving variable interest entities. IFA launched an immediate grassroots effort to educate FASB of the franchising community's concerns with the accounting standards interpretation that included congressional testimony by Wendy's franchisee Peter Salg before the US Senate Subcommittee on Securities and Investment investigating FIN 46 and other FASB issues.
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|Title Annotation:||Government Relations|
|Article Type:||Brief Article|
|Date:||Jun 1, 2004|
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