If the final release is anything like the Exposure Draft, the amendment to FAS 140 could make the struggles of FIN 46 a fond memory

The Financial Accounting Standards Board has issued its Exposure Draft, Qualifying Special-Purpose Entities and Isolation of Transferred Assets, an amendment to FASB Statement No. 140. The project originally belonged to the Emerging Issues Task Force (EITF 02-12), but was assumed by the Board in January. One of the main drivers behind the amendment is to address the QSPE exemption in FIN 46. Comments on the draft are due by July 31.

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