FASB Proposes to Defer Application of FAS 167 to Certain Investment Funds

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At its November 11, 2009 board meeting, the Financial Accounting Standards Board (“FASB”) proposed deferring Financial Accounting Statement 167, “Amendments to FASB Interpretation No. 4 (R)” (“FAS 167”), as well as amendments to the guidance accompanying FAS 167. Both the proposed deferral of, and amendments to, FAS 167 are limited in scope. The revisions have been proposed in order to provide FASB with more time to coordinate with the International Accounting Standards Board (“IASB”) on a joint model that takes into consideration the relationship between asset managers and the investment structures they manage. For entities who meet the deferral criteria, the application of FAS 167 will be deferred until the FASB IASB convergence project is completed in late 2010. The guidance amendments will become effective upon approval by FASB members following a public comment period.

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