Last week the Financial Accounting Standards Board (FASB) posted a summary of its constituent outreach in connection with its project on Accounting for Financial Instruments, documenting its input from various investors, preparers, regulators, and valuation specialists. The staff also posted a summary on How the FASB Obtains and Considers Investors’ Perspectives in Setting Accounting Standards, discussing many ways investors are engaged in the standard setting process and how the Board communicates their perspectives.
More recently, this week the FASB issued its Proposed Accounting Standards Update, Consolidation (Topic 810): Amendments to Statement 167 for Certain Investment Funds. The proposed amendments would defer Statement 167 requirements for certain investment company interests—e.g., mutual funds, hedge funds, mortgage REITs, PE and VC funds (but not securitization entities, asset-backed financing firms, etc.). The Board invites responses to four particular questions, including whether respondents generally agree with the deferral of 167 requirements and whether its definition of affected entities is sufficiently clear. Written comments to this Exposure Draft are due by January 6, 2010; instruction on how to send by email and mail (but not by fax) are highlighted on page 1 of the Update.
Please let us know
if you have any comments about this article or enhancements you would like to see.