Yesterday, the FASB concluded its deliberations on the amendment of Statement 140 (Transfers of Assets) and FIN 46R (Consolidation of Variable Interest Entities). You can see the briefing document here.

The amendment will go into effect at the beginning of fiscal 2010, and it will cover new and existing securitizations and variable interest entities. Heavy securitizers have about half a year to burn down existing securitizations if they are worried they'll show too much newly-displayed - yet always existing - financial leverage.

The fiscal 2010 date doesn't make its application automatic, however. What we've seen in the past: weeks just before a robust standard goes into effect, the affected industry declares that it can't be implemented without more time to change systems, and petitions Congress for help. Or gets the Chamber of Commerce to do the same.

I hope it doesn't play out this way again, but if it doesn't, it might mean that firms have found a way to avoid much reconsolidation of securitizations. Check back in the last quarter and we'll see.