Despite the groundswell of comments in support of a broad-based deferral of Financial Interpretation No. 46 until it is finalized, the Financial Accounting Standards Board did not address this possibility at its Dec. 10 meeting due primarily to time constraints, sources said. The Board tentatively plans to discuss this possibility at this Wednesday's meeting, according to Ernst & Young's summary of the deliberations, in its Accounting Alert.
Also this Wednesday, the board will discuss whether a further-modified FIN 46 needs to be re-exposed for comments prior to final issuance. Perhaps the most significant securitization-related development, however, was the tentative ruling on the treatment of guarantor and decision-maker fees.