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FASB Delays Accounting Rule Aug. 4, 2008 The Financial Accounting Standards Board voted unanimously on July 30 to delay by one year an accounting rule that requires financial firms to put certain off-balance-sheet vehicles onto their books, the Wall Street Journal reported. The board initially said the rule changes would be effective next year for new firms and 2010 for existing firms. Last week's reverse decision by FASB comes after pressure from companies stating they need more time. This means both new and existing structures have until 2010. FASB will put out a draft of the proposed changes and receive public comments before voting for final approval. |
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