The Financial Accounting Standards Board announced today that the deadline for commentary on Staff Position FSP FIN 46-e has been changed to next Tuesday, Oct 7. Comments on the FSP were originally due on Oct. 20.
FIN 46-e proposes a deferral in implementation of FIN 46 for public companies that - to this point - have been unable to determine if an entity, which was established prior to Feb. 1, is a variable interest entity. The deferral would be limited to questionable VIEs that were not previously considered SPEs, and do not hold financial assets as defined in FAS 140. The deferral would allow companies to postpone applying the FIN 46 provisions until the first annual or interim reporting period ending after Dec. 15.
The reposted document shows a black line crossing out the previous due date, with the revised deadline inserted below it. Interestingly, a footnote on the document with the definition of the FSP still reads that: procedures for issuing an FSP provide for ease of distribution, for retrievability, and for the expansion of the exposure period from the 15 days provided for by Technical Bulletins to 30 days.