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."
Click here for Brown's write-up.
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 ASR's coverage of FIN 46 this week (and our coverage of BlackRock's statement).