For over 50 years, Bloomberg Tax’s renowned flagship daily news service, Daily Tax Report® has helped leading practitioners and policymakers stay on the cutting edge of taxation and...
NORWALK, Conn.—The Financial Accounting Standards Board Dec.23 announced it was incorporating its new standards on consolidation of variable interest entities (VIE) and transfers of financial assets into the Accounting Standards Codification.
Specifically, FASB issued Accounting Standards Update 2009-17, Consolidations (Topic 810), Improvements to Financial Reporting by Enterprises Involved with Variable Interest Entities. The ASU amends the accounting guidance resulting from FASB Statement 167, Amendments to FASB Interpretation 46(R), which was issued June 12 (5 APPR 573, 6/26/09).
FASB also issued ASU 2009-16, Transfers and Servicing (Topic 860), Accounting for Transfers of Financial Assets. This amends accounting guidance resulting from FASB Statement 166, Accounting for Transfers of Financial Assets, also issued June 12.
The two rules take effect at the start of a company’s first fiscal year beginning after Nov. 15, 2009, or January 1, 2010 for companies reporting earnings on a calendar-year basis. Due to the accounting rule changes under FAS 166 and 167, banks have to bring certain off balance sheet assets back onto their balance sheets starting in 2010.
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to email@example.com.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to firstname.lastname@example.org.
Put me on standing order
Notify me when new releases are available (no standing order will be created)