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FAS 140 Won't Hurt Lenders.
The Financial Accounting Standards Board is still in the process of finalizing revisions to FAS 140 and Interpretation 46, but they are not expected to have much impact on the mortgage industry.
The FASB's Fin 46, consolidation of variable interest entities, addresses the circumstances in which one entity has to be consolidated by another in its financial statements. Last December the FASB issued a revision to Fin 46, which it is calling 46R, to clarify some of the provisions of Interpretation 46 and to exempt some entities from its requirements.
The accounting body came up with the initial proposal for revision of accounting standards in 2002, in response to Enron's manipulation of accounting rules to manage its balance sheet and create off-balance sheet financing.
The various special purpose entities that the energy trader created helped obscure its true financial condition and the company eventually filed for bankruptcy protection. FAS 140 covers situations relating to transfer of assets and when a sale is to be considered a "true sale." Alison Utermohlen, senior director for government affairs with the Mortgage Bankers Association, said that the FASB is considering re-exposing its exposure draft relating to FAS 140 changes in the first or second quarter of 2004.
The intent of the FASB is not to disrupt the agency securitization market, according to Ms. Utermohlen, and they are also "inclined to address our concerns about the private label market."
Last summer, the MBA and the Commercial Mortgage Securities Association had sent in comments in response to the FASB's previous exposure draft for FAS 140. The FASB has been receptive to the trade groups' concerns, according to Ms. Utermohlen, and the new exposure draft seeks to "redeliberate the comments." Fin 46 addresses the ...
- SF Profls on FASB FIN 46 in S&P 'SF Mkt Opinion' Poll.
- Press release article from: Business Wire April 15, 2003 700+ words
...Standards Board's (FASB's) Financial Interpretation No. 46 (FIN 46)-and the nearly...in their criticism of FASB's year-long process of developing and vetting FIN 46, conveying in strong...their dissatisfaction with FASB's responsiveness to...
- Biophan Announces Consolidation of MYOTECH Financials in Compliance with FASB...
- Press release article from: Business Wire January 9, 2007 700+ words
...Cardiac Support System, on its books in order to comply with FASB FIN 46(R). Biophan currently holds a 41% interest in the...statements and other financial information in conformity with FIN 46(R). About MYOTECH, LLC MYOTECH, LLC, is a privately...
- FASB may amend FIN 46 (R).
- Newspaper article from: Asset Securitization Report November 22, 2004 700+ words
...party relationship under FIN 46 (R). Board member Randall Sogoloff said the FASB staff is aware of transactions...entity. Specifically, FASB is referring to "an implicit...issue. Appendix B to FIN 46(R) is not intended...possible variable interests. FASB Chairman Robert Herz said...
- FASB delays FIN 48 effective date for private companies.(FASB News)
- Magazine article from: California CPA December 1, 2007 700+ words
FASB has voted to defer the effective date of FIN 48 for all non-public entities...instructed staff to develop an FASB Staff Position, which will...Committee that recommended FASB delay the effective date of FIN 48, Accounting for Uncertainty...
- FASB votes: FIN 48 implementation here to stay: Under existing rules, companies...
- Magazine article from: Accounting Today February 26, 2007 700+ words
...commonly referred to as FIN 48 - will be effective...scrutiny of an audit. FASB said that tax benefits...member companies to send FASB letters petitioning the...stating the nuances of FIN 48 implementation as it...comment is available on FASB's Web site, at www...
- FASB delays FIN 46 effective date.
- Newspaper article from: Asset Securitization Report Gregory, Michael October 13, 2003 700+ words
...into a quarter. Ironically, while FASB was debriefing, many participants of...repercussions of trying to implement FIN 46 knowing that the rules have yet to...likely a temporary reprieve. Contacts at FASB did not return phone calls as of press...
- FASB Still Deliberating on FIN 46.(Financial Accounting Standards Board)
- Newspaper article from: Bank Loan Report Gregory, Michael October 20, 2003 700+ words
...that it is applying FIN 46 "notwithstanding the decision of the FASB to defer implementation...Assessment Shortly after FASB decided to defer FIN 46, Enrst & Young...be incorporated into FASB's amendment to FIN 46, due out sometime...
- FASB giveth, FASB taketh away: Is the ultimate FIN 46 solution a "new" item on...
- Newspaper article from: Asset Securitization Report Gregory, Michael October 20, 2003 700+ words
...that it is applying FIN 46 "notwithstanding the decision of the FASB to defer implementation...assessment Shortly after FASB decided to defer FIN 46, Ernst & Young...be incorporated into FASB's amendment to FIN 46, which is due out...
Source: HighBeam Research, FAS 140 Won't Hurt Lenders.