At last week's session on the consolidation project, the Financial Accounting Standards Board (FASB) acknowledged that, for certain types of special purpose entities, a primary beneficiary may not be identifiable, which introduces another potential out for types of CDOs and other securitization vehicles that don't fall under the QSPE exemption, sources said.

"They acknowledged that there might be some circumstances where there is not a single primary beneficiary that can be easily identified," said Jim Mountain, a partner at accounting firm Deloitte & Touche. "They didn't say exactly what would happen in that circumstance, but I think the inference was that you need to have a single primary beneficiary at least for an identifiable silo within an SPE in order to have a consolidation."

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