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By William J. Bosco, Jr.
Fall 2002 Issue

Over the next few months the U.S. leasing industry will go through perhaps the greatest changes in its history, and 4 years from now the concepts of FAS 13 may be a distant memory. This industry turmoil will be a result of 2 new initiatives the Financial Standards Accounting Board (FASB) is working on, which are expected to be completed by year-end. They are Consolidation of Certain Special Purpose Entities, an interpretation of ARB No. 51 (the SPE Project), and GuarantorÕs Accounting and Disclosure Requirements for Guarantees, Including Indirect Indebtedness of Others, an interpretation of FASB Statements Nos.5, 57, and 107 (the Guarantee Project).