Ernst & Young noted this morning that the Financial Accounting Standards Board has set an approximate timeline for the tasks associated with the implementation of its amendment to FAS 140.

According to its Web site, FASB plans to release an exposure draft on (mortgage) servicing rights during the third quarter of this year, to be followed by a final statement in the first quarter of 2005.

An exposure draft on the treatment of beneficial interests in securitized financial assets is due out the first quarter of 2005, with a final statement expected sometime during the second half of the year.

An exposure draft on qualifying special-purpose entities and isolation of transferred assets is slated for the fourth quarter of 2004, followed by a final statement in the second quarter of 2005.

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