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FASB Issues ASU to Defer Statement 167 for Certain Investment Funds

Published on: 26 Feb 2010

Yesterday, the FASB issued Accounting Standards Update (ASU) 2010-10, Amendments for Certain Investment Funds, which amends certain provisions of FASB Statement No. 167, Amendments to FASB Interpretation No. 46(R) (codified in ASC 810-10). The ASU defers the effective date of Statement 167 for a reporting enterprise’s interest in certain entities and for certain money market mutual funds. The ASU also amends certain provisions of ASC 810-10-55-37 (paragraph B22 of FASB Interpretation No. 46(R), Consolidation of Variable Interest Entities, as amended by Statement 167) to change how a decision maker or service provider determines whether its fee is a variable interest.

The ASU is effective as of the beginning of the first annual period that begins after November 15, 2009, and for interim periods within that first annual period.

For further discussion, see Deloitte’s January 27, 2010, Heads Up.

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