A new wrench has fallen into the FAS 140 amendment project. The Financial Accounting Standards Board has reportedly postponed decisions related to the amendment until several issues are clarified.

Last week, FASB had planned to discuss different types of financial asset transfer arrangements to establish a solid differentiation between the terms "undivided interest" and "beneficial interest," for purposes of deciding whether a QSPE is necessary. This issue arose last fall during the post-comment redeliberations on the draft of the amendment to 140.

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