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FAS 167 intends to clear up accounting disclosures under Interpretation having to do with Variable Interest Entities
First Published Thursday, 9 July 2009 from Need to Know News
- specifically to determine if an entities variable interests given it a controlling financial interest in a variable interest entity
- eliminates exception for troubled debt restructuring
- clarifies what qualifies as variable interest entity
- requires more extensive disclosure on variable interest entities
**variable interest entities allow financial firms to keep assets such as subprime-mortgage securities off their balance sheets. VIEs used to be known as special purpose vehicles - the instruments that were part of the Enron debacle.
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