Norwalk, Conn. (Oct. 9, 2003) -- The Financial Accounting Standards Board will briefly delay a new rule to force companies to consolidate off-balance-sheet entities onto their own financial statements, it announced Wednesday.

The rule, commonly called FIN 46, was originally intended to go into effect in the third quarter, but has been deferred to take effect with financial statements for the period ending in December.

"We have had a lot of comment letters (from companies) in the last two weeks asking for the deferral," Robert Herz, chairman of the seven-member FASB, told reporters. "It seems that some people are scrambling at the end of the (third) quarter."

-- WebCPA staff

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access