On September 3, the Financial Accounting Standards Board (FASB) announced it will issue on or around September 15 for public comment exposure drafts regarding amendments to Statement No. 140, "Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities" (FAS 140) and FASB Interpretation No. 46 (revised December 2003), "Consolidation of Variable Interest Entities" (FIN 46(R)). The FASB will also issue a proposed Staff Position No. 140-e and FIN 46(R)-e on "Disclosures about Transfers of Financial Assets and Interests in Variable Interest Entities."

The exposure draft regarding FAS 140 would abolish the concept of a qualifying special-purpose entity (QSPE) and delete the exception from applying FIN 46(R) to QSPEs, and the exposure draft regarding FIN 46(R) would amend the guidance for determining whether an enterprise must consolidate a QSPE, including those previously considered qualifying QSPEs. The FASB Staff Position amends FAS 140 to require public entities to provide additional disclosures about transfers of financial assets and amends FIN 46(R) to require public enterprises to provide additional disclosures about their involvement with variable interest entities.

http://www.fasb.org/news/media_advisory090308.shtml