NEWS RELEASE 10/31/03
FASB Publishes Exposure Draft on Consolidation of Variable Interest Entities
Norwalk, CT, October 31, 2003—The Financial Accounting Standards Board has posted to its website a proposed Interpretation to clarify some of the provisions of Interpretation No. 46, Consolidation of Variable Interest Entities, and to exempt certain entities from its requirements. The proposal is being issued in response to input received from constituents regarding certain issues arising in implementing Interpretation 46. The proposed clarifications and modifications would apply in financial statements for the first period ending after December 15, 2003. The comment period ends on December 1, 2003. The document is available on the FASB’s website.
To order a hard copy of the Exposure Draft, please contact the FASB’s Order Department at 800-748-0659.
About the Financial Accounting Standards Board
Since 1973, the Financial Accounting Standards Board has been the designated organization in the private sector for establishing standards of financial accounting and reporting. Those standards govern the preparation of financial reports and are officially recognized as authoritative by the Securities and Exchange Commission and the American Institute of Certified Public Accountants. Such standards are essential to the efficient functioning of the economy because investors, creditors, auditors and others rely on credible, transparent and comparable financial information. For more information about the FASB, visit our website at www.fasb.org.
The Financial Accounting Standards Board
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