BOCA RATON, FLA. - In a meeting last week, the Financial Accounting Standards Board decided to delay implementation of its consolidation guidelines for VIEs, the notoriously controversial Financial Interpretation No. 46. Initially reported in the Conference Daily put out Oct. 9 at ABS East, the postponement applies to all VIEs held by public companies in all entities acquired before Feb. 1, 2003.

"The Board agreed to provide this deferral to allow time for certain implementation issues to be addressed through the issuance of a modification to the Interpretation, and indicated that it expects to issue this modification in final form prior to the end of 2003," E&Y wrote.

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