It discusses three exposure documents issued last week by the FASB proposing amendments to the derecognition guidance in Statement 140 and the consolidation model in Interpretation 46(R). The proposals would, among other things, eliminate 'qualifying special purpose entities' (QSPEs), modify the consolidation model in Interpretation 46(R), and expand the related required disclosures. The exposure drafts reflect the Board's response to the increased scrutiny by SEC, Congress, and financial statement users on the accounting and disclosures required by Statement 140 and Interpretation 46(R) in the wake of the recent deterioration in the global credit markets. Click to download the 22 September 2008 Heads Up (PDF 202k).