The Financial Accounting Standards Board has released its exposure draft of proposed modifications to Financial Interpretation No. 46, with comments due Dec. 1. The draft, in its own right, is considered a proposed interpretation, leaving open the possibility that the final ruling will earn its own Financial Interpretation number. An interpretation of an interpretation? Stranger things have happened. 

On its Web site, the board states it has posted this draft "to clarify some of the provisions of Interpretation No. 46, Consolidation of Variable Interest Entities, and to exempt certain entities from its requirements. The proposal is being issued in response to input received from constituents regarding certain issues arising in implementing Interpretation 46."

See next week's ASR for more coverage on the draft.

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