FASB Kicks Consolidation Standard Out to 2015
Companies will not have a final new consolidation standard by the end of 2014, despite expectations that the standard would be completed by the end of this year.
The Financial Accounting Standards Board learned from its staff that the “fatal flaw” review of the final standard revealed a big number of issues the staff needs to analyze, a handful of which could require the board to re-open discussion on some technical issues. The staff hopes to complete its analysis of the 140 “significant” comments raised by 25 separate external reviewers and plans to provide the board with fresh recommendations at a Dec. 10 meeting. The staff indicated the 140 collective comments contain many areas of overlap, so the true number of issues is much smaller. Read more on Compliance Week.