Status of Interpretation No. 46(R)

(revised December 2003)

Consolidation of Variable Interest Entities—an interpretation of ARB No. 51

Status

Issued: December 2003

Effective Date:

For public entities (enterprises), either Interpretation 46 or this Interpretation shall be applied to variable interest entities or potential variable interest entities commonly referred to as special-purpose entities by the end of the first reporting period ending after December 15, 2003. This Interpretation shall be applied to all variable interest entities by the end of the first reporting period ending after:

• March 15, 2004, for enterprises that are not small business issuers
• December 15, 2004, for enterprises that are small business issuers.

For nonpublic entities (enterprises), this Interpretation shall be applied:

• Immediately to variable interest entities or potential variable interest entities created after December 31, 2003
• By the beginning of the first annual period beginning after December 15, 2004, to all other entities.

For enterprises that have fully or partially applied Interpretation 46 prior to the December 24, 2003, special transition provisions apply.

For investments reported in accordance with the AICPA Audit and Accounting Guide, Audits of Investment Companies, and held by investment companies that are not subject to SEC Regulation S-X, Rule 6-03(c)(1), the effective date is deferred.

Affects:

Supersedes FIN 46

Affected by:

Paragraph 4(e) replaced by FSP FIN 46(R)-7, paragraph 6

Paragraph 36 amended by FSP FIN 46(R)-7, paragraph 7

Paragraph B26 effectively amended by FAS 156, paragraph A10

Paragraph F2(b) amended by FSP FIN 46(R)-6

Footnotes 18 and 23 amended by FAS 123(R), paragraph D17

Other Interpretive Releases:

FASB Staff Positions FIN 46(R)-1 through FIN 46(R)-7

Issues Discussed by FASB Emerging Issues Task Force (EITF)

Affects:

Nullifies EITF Issues No. 84-40 and 90-15 and Topic No. D-14

Partially nullifies EITF Issues No. 95-6, 96-21, 97-1, and 97-2

Resolves EITF Issue No. 84-30

Interpreted by:

No EITF Issues

Related Issues:

EITF Issues No. 96-16, 97-1, 04-5, and 04-7

Abbreviations for Accounting Pronouncements

FAS - FASB Statements
FIN - FASB Interpretations
FTB - FASB Technical Bulletins
APB - APB Opinions
AIN - AICPA Interpretations
ARB - Accounting Research Bulletins
CON - FASB Concepts
EITF - EITF Issues
Q&A - FASB Implementation Guides