FASB to mull extra year to apply off-balance sheet rules, reports Reuters

The Financial Accounting Standards Board is going to address whether to let companies have an extra year to apply the new rules to off-balance sheet items created under the old accounting rules at its meeting tomorrow, reports Reuters. The board is also going to reconsider when companies should implement accompanying disclosures. The board said the comments it received on FAS 140 led them to want to discuss having a single effective date rather than a period of time. Its proposal is expected to be released by the end of August.