According to a brief summary by Ernst & Young concerning yesterday's FASB roundtable discussion on the proposed amendment to FAS 140, FASB did not intend to inhibit vanilla master trust structures from meeting the criteria for QSPE status.

This was one of the primary concerns expressed in comment letters sent to the Board on the 140 amendment Exposure Draft. The Board will begin redeliberating on the Exposure Draft on Wednesday, Sept. 3. Among other issues, FASB will try to better define "beneficial interest reissuances," E&Y said in its On Call Advisory Services Accounting Alert.

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