FASB Seeks Comment on Real Estate/Partnership Proposals

On Dec. 22, 2004, the FASB issued two documents for comment:

• Proposed FASB Staff Position (FSP) No. FSP SOP 78-9a, would amend the American Institute of Certified Public Accountants (AICPA) Statement of Position 78-9, “Accounting for Investments in Real Estate Ventures” (“SOP 78-9”). The amendment would create consistency in accounting with the consensus developed in EITF Issue No. 04-5, "Investor's Accounting for an Investment in a Limited Partnership When the Investor Is the Sole General Partner and the Limited Partners Have Certain Rights". Click here for a summary of the proposed FSP.
• Concurrent with issuance of the proposed FSP, the FASB issued for public comment a Draft Abstract of EITF 04-5. Click here for a summary of the draft EITF abstract.

The comment deadline on both documents is Feb. 19, 2005.