What is FIN 46 (R)?

FIN 46 was revised by FIN 46 (R) on December 24, 2003 which, among other things, defined in more detail the calculation of an entity’s economic risks and rewards, which party must consolidate a variable interest entity, and when a consolidation or deconsolidation should be reconsidered.

When did FinFin 46R become FASB Statement 167?

FIN 46R was then replaced by a new accounting standard, FASB Statement 167, in June 2009 in the aftermath of the Financial crisis of 2007-08. ^ “Consolidation of Variable Interest Entities.

How will FIN 46R and sic-12 impact your business?

The final guidance, FIN 46R, is both far-reaching and complex, with the potential to impact even operating businesses. SIC-12, issued by the predecessor body to the current International Financial Reporting Interpretations Committee, deals with the consolidation of SPEs.