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Heads Up: Mind Your V(IE)s and Qs — FASB Decides to Eliminate QSPEs and Modify the Consolidation Model in Interpretation 46(R)

Volume 15, Issue 27


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The attached issue of Heads Up summarizes the FASB’s recent decisions about amendments to Statement No. 140, Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities, and Interpretation No. 46(R), Consolidation of Variable Interest Entities. The amendments would include (1) removal of the concept of a qualifying special-purpose entity from Statement 140 and the related scope exceptions from Interpretation 46(R), (2) changes to the derecognition provisions in paragraph 9 of Statement 140, and (3) modification of the consolidation model in Interpretation 46(R).

Read more in the file attached below or visit the Heads Up Archive for past issues.

Heads Up and other information on accounting and financial disclosure also can be found in the Technical Library: The Deloitte Accounting Research Tool. Technical Library, a subscription-based research tool, includes material from the the Financial Accounting Standards Board (FASB), Emerging Issues Task Force (EITF), AICPA, Securities and Exchange Commission (SEC) and International Accounting Standards Board (IASB), in addition to our own accounting manual and interpretative accounting guidance. Updated every business day, the Technical Library has an intuitive design and navigation system. Powerful search features enable users to locate information quickly, at any time and from any computer. Additionally, Technical Library subscribers receive periodic e-mails highlighting recent additions to the Technical Library. Read more about the Technical Library.

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