The Financial Accounting Standards Board(FASB) decided this morning to propose a single effective date for the amendments to FAS 140 and FIN 46R.
For calendar year companies, the effective date would be for new deal entered into starting January 1, 2010 and existing QSPEs would not be grandfathered. These will have to be evaluated for consolidation on the effective date.
The FASB staff expects to have an external reviewers' draft of the amendments to FIN 46R by the end of this week and to have a pre-ballot draft of the amendments to FAS 140 to the Board next week.
Also, there will be a fast-track project for a disclosure-only FSP with a 30 day comment period. The Board will like the new disclosures to be required as soon as possible, which could mean this year-end, although in no event later than the 1Q09.
