Hedge fund manager and director at Bankstocks.com Tom Brown published a short piece this morning on BlackRock's take on FIN 46. Brown writes, "The sheer dumbness of the rule comes into sharp focus once you see it in action."
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BlackRock applied FIN 46 in its most recent quarterly financial statement (10/14), opting not to take the deferral offered by FASB to fourth quarter 2003. See