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FASB Stands Firm on 2008 Off-Balance-Sheet Disclosures

Tammy Whitehouse | November 13, 2008

Despite calls for more time, the Financial Accounting Standards Board will proceed with planned disclosure requirements around off-balance-sheet activity to take effect for fiscal periods ending after Dec. 15, 2008. That means calendar-year companies will be expected to begin making the new disclosures in their 2008 financial statements.

FASB determined at its regular meeting this week that it will make some changes and proceed to a final vote on FSP FAS 140-e and FIN 46(R)-e, Disclosures about Transfers of Financial Assets and Interests and Variable Interest Entities, with a final verdict soon to follow. The measure is intended to draw out more information about where entities may have invisible or opaque risks in off-balance-sheet entities while FASB and the International Accounting Standards Board work further on amending...

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