The Financial Accounting Standards Board (FASB) published Financial Accounting Statements No. 166, Accounting for Transfers of Financial Assets, and No. 167, Amendments to FASB Interpretation No. 46(R). These statements change the way entities account for securitizations and special-purpose entities (SPEs).
The new standards will impact financial institution balance sheets staring 2010. Regulators have taken into account the impact of both new standards in the recent stress tests. These projects were started at the request of investors, the Securities and Exchange Commission, and the Presidents working group on financial markets. Copies of the new standards are available at the FASBs website, along with a concise briefing document.