Audit Committee Brief: September 2009
Significant changes for derecognition and consolidation accounting pending
The FASB issued two accounting standards this summer that are likely to have significant implications for entities in various industries when they become effective: FASB Statement No. 166, Accounting for Transfers of Financial Assets, and FASB Statement No. 167, Amendments to FASB Interpretation No. 46. This edition of the Audit Committee Brief addresses these statements, their implications on companies, and includes questions audit committees should consider asking management.