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FASB Puts Consolidation Policy Project on Hold NORWALK, Conn., Jan. 17, 2001 (SmartPros) Due to insufficient Board member support, the Financial Accounting Standards Board has stalled plans to issue an exposure draft or a final statement on its consolidation policy project. The policy project has been focused on developing new standards that would determine which affiliates would be included in consolidated financial statements. FASB was planning on issuing an exposure draft or final statement on the project during the second quarter of 2001. According to FASB, some Board members have cited several concerns, including "the appropriateness of determining that non-shared decision-making ability can exist based on the anticipated non-action by other holders of voting rights." Despite some reservations among Board members, FASB stressed that the efforts to deal with consolidation policy issues should continue. The staff is expected to present the Board, which will change membership on July 1, 2001, with a revised proposal on the consolidation project during the third quarter of 2001. -- SmartPros News Staff Send comments to information@smartpros.com. 2001, Smartpros Ltd. All Rights Reserved. |
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