Choose FIN 46 or FIN 46-R

According to industry sources, the Financial Accounting Standards Board ruled this morning that it will issue a revised Financial Interpretation No. 46, dubbed FIN 46-R, by the end of December.

The board met to discuss implementation dates for FIN 46, acknowledging that different enterprises would have different concerns; for example, firms that adopted the new rules by the pre-deferred implementation date would have a different set of challenges than those who have opted to hold off on implementation until first quarter 2004. FASB ruled that, under most conditions, public companies will have to implement FIN 46 for the financial period ending after Dec. 15.