A number of significant developments in securitization accounting developed during the last few weeks of December, setting the stage for this year's trials and tribulations.

First and foremost, the Financial Accounting Standards Board (FASB) released what's being called FIN 46-R, or the December 2003 revision to Financial Interpretation No. 46. FIN 46-R was released on Christmas Eve. As such, there's yet to be a decent (or visible) stream of commentary from the accounting firms and banks that typically revised guidelines.

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