TaxNewsFlash-United States

November 6, 2009
No. 2009-499

PRINTABLE VERSION

FASB: Potential One-Year Deferral of Statement 167 for “Asset Managers”

The FASB will consider deferring for one year the application of the consolidation guidance in Statement 167 to the asset-management arrangements of reporting enterprises (asset managers) that receive a fee for managing assets of entities that apply the specialized GAAP requirements for investment companies, according to discussions at the FASB’s education session held on November 4, 2009.

Other approaches suggested by the FASB staff may also be under consideration, and the potential deferral would apply only to the asset-management arrangements, not to asset managers’ relationships with other variable interest entities.

KPMG has prepared a two-page discussion of the FASB considerations. For a printable version of this report: Defining Issues: Potential One-Year Deferral of Statement 167 for “Asset Managers”

ANY TAX ADVICE IN THIS COMMUNICATION IS NOT INTENDED OR WRITTEN BY KPMG TO BE USED, AND CANNOT BE USED, BY A CLIENT OR ANY OTHER PERSON OR ENTITY FOR THE PURPOSE OF (i) AVOIDING PENALTIES THAT MAY BE IMPOSED ON ANY TAXPAYER OR (ii) PROMOTING, MARKETING OR RECOMMENDING TO ANOTHER PARTY ANY MATTERS ADDRESSED HEREIN.

The information contained herein is of a general nature and based on authorities that are subject to change. Applicability of the information to specific situations should be determined through consultation with your tax adviser.

The KPMG logo and name are trademarks of KPMG International.

KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever.

The information contained in TaxNewsFlash-United States is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.

Direct comments, including requests for subscriptions, to US-KPMGWNT@kpmg.com. For more information, contact KPMG’s Federal Tax Legislative and Regulatory Services Group at + 1 202.533.4366, 2001 M Street NW, Washington, DC 20036-3310.

To unsubscribe from TaxNewsFlash-United States, reply to US-KPMGWNT@kpmg.com and type ‘TaxNewsFlash Unsubscribe' in the subject line, then click on the SEND button.

Privacy | Legal