FEI Comments on Proposed Amendments to FAS 140, FIN 46(R)
November 14, 2008
FEI Summary

On Nov. 14, 2008, FEI’s Committee on Corporate Reporting (CCR) sent a comment letter to the Financial Accounting Standards Board, commenting on proposed Statements of Financial Accounting Standards – Accounting for Transfers of Financial Assets – an amendment of FASB Statement No. 140 and Amendments to FASB Interpretation No. 46(R).

The letter, signed by Arnold Hanish, CCR chair, stated support for FASB’s objective of improving the relevance, representational faithfulness and comparability of the information that a reporting entity provides in its financial statements about a transfer of financial assets as well as improving financial reporting by enterprises involved with variable interest entities.

However, the letter noted, “we believe further debate on these matters should be deferred until some of the broader issues associated with QSPEs [qualified special purpose entities] and variable interest entities can be addressed jointly with the International Accounting Standards Board.“

Read the comment letter for full details.

Prepared Nov. 14, 2008 by Jen Zieman, Financial Executives International. This summary does not represent FEI opinion unless specifically noted above.