Less than a year since Financial Interpretation No. 46 was published, it appears the Financial Accounting Standards Board is ready to drill out another Exposure Draft, this one regarding proposed amendments and modifications to the eight-month old set of rules that have, some would argue, been a chest wound to an industry already shrugging off a down credit cycle and seemingly every other imaginable disaster (see Spiegel story, p. 4).

What's most troubling, according to one accounting source, is that FASB does not intend to defer the implementation date, currently Sept. 30, despite acknowledging a host of confused issues in the current rule, plus several staff positions (FSPs) still out for commentary, and the fact that segments of the current rule will be re-exposed in the next draft.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.