In 2003, there has been nary a dull week in securitization accounting, as just about every Wednesday the Financial Accounting Standards Board grinds out a new set of ideas, often in opposition to deliberations the week prior.

Over the past three weeks, it appears the board is trying to offer some breathing room - postponing the effective date of FIN 46 and deciding to completely re-expose a draft of the controversial amendment to FAS 140 - both of which extend various deadlines, though how practical the extensions are, particularly with regard to FIN 46, remains to be seen. For the amendment to FAS 140, it appears the draft is next year's business, complete with a 45-day comment period, a new set of deliberations, and all sorts of other bells and whistles such as "elaborate grandfathering provisions for existing QSPEs," writes Marty Rosenblatt of Deloitte & Touche in an informal commentary circulated shortly after the board met last week.

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