At its June 29, 2005 meeting, the Financial Accounting Standards Board decided that it would not provide additional guidance on the meaning of "other-than-temporary impairment," a decision welcomed by MBS market participants.
As an alternative, the Board will issue as final proposed FSP EITF 03-1-a, "Implementation Guidance for the Application of Paragraph 16 of EITF Issue No. 03-1." The proposal, retitled FSP FAS 115-1, will be effective in periods beginning after Sept. 15. FASB will issue the finalized FSP sometime this month.