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Essay / Research Paper Abstract
This 8-page paper discusses FIN 46, SPEs and how this new statement could impact companies, including home-builders. Emphasis in this paper is placed on structures to help comply with FIN 46. Bibliography lists 5 sources.
Page Count:
8 pages (~225 words per page)
File: D0_MTfina46.rtf
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Unformatted sample text from the term paper:
reporting should respond to financial innovations. In particular, much consideration is being given to the financial reporting of special-purpose entities or off-balance-sheet entities. This has been true, especially in
the wake of the Enron scandal, during which the company in question used (or rather, abused) special-purpose entities in order to hide huge amounts of debt. As almost everyone now
knows, Enrons bankruptcy had an impact far beyond the company, and to Wall Street itself. Before the fallout from Enron, there really was
no "official" definition for special purpose or "off-balance-sheet" entities. But following Enron and other scenarios, the FASB determined it was time to be more specific when it came to defining
an SPE and its uses. During a close to 20-year period, the SEC and others argued over specifics and finally were driven to do something about it because of Enron.
Accordingly, FASB has issued Interpretation Number 46, known as FIN 46, on the consolidation of variable interest entities. And in the wake of
this, perhaps unsurprisingly, several structures are cropping up to try to help organizations adhere to FIN 46. Interestingly enough, most of the structures are not new - but because of
FIN 46, many of them are seeing another boost of popularity. This paper will examine some of these structures, particularly as they pertain
to the home-building industry and real estate. As the topic is still a current one (and the jury is out as to the impact of FIN 46), not much from
a scholarly prospective can be found in the literature. There is, however, some literature that makes mention of various structures that are beginning to be in use because of FIN
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