PHOENIX - After attending the recent January Financial Accoun-ting Standards Board meeting, David Thrope, partner at Ernst & Young, discussed changes to securitization accounting at last week's ASF 2005 conference.

In all, it appears that three exposure drafts will be released at the same time, possibly in September. Those drafts are expected to delve into servicing, QSPE status, and derivative bifurcation. Liability extinguishment is likely to remain a separate issue, to be discussed at another time.

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