The Financial Accounting Standards Board (FASB) said on July 30 that it was delaying for one year or until January 1, 2010, the adoption of amendments to FIN 46(R) (consolidation of variable interest entities) and FAS 140 (accounting for transfers and servicing of financial assets and extinguishments of liabilities).

The effective date was delayed at the behest of not only ABS industry participants but also certain government agencies including the Office of Federal Housing Enterprise Oversight, the Federal Reserve and the Comptroller of the Currency.

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