Norwalk, Conn. — The Financial Accounting Standards Board has unveiled several modifications to FIN 46, a rule that would mandate companies to consolidate off-balance sheet partnerships.

FIN 46 requires companies receiving benefits from off-balance sheet entities to include the assets and liabilities in financial statements.

According to FASB modifications available at www.fasb.org., companies would be exempt from FIN 46 if they’re unable to obtain information necessary in their determination of whether any entity or off-balance sheet partnership created prior to Feb. 1, 2003, should be consolidated. The rule is in effect for those created after that date.

The proposed modifications would apply in statements for the first period ending after Dec. 15, 2003. The comment period ends on Dec. 1, 2003.

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