FASB defers effective date of SOP 07-1 indefinitely.

• Position: Accounting & auditing news

On Feb. 14, 2008, the Financial Accounting Standards Board issued FASB Staff Position (FSP) 07-1-1. The FSP delays indefinitely the effective date of AICPA Statement of Position 07-1, Clarification of the Scope of the Audit and Accounting Guide Investment Companies and Accounting by Parent Companies and Equity Method Investors for Investments in Investment Companies. Entities that early adopted SOP 07-1 before Dec. 15, 2007, are permitted but not required to continue to apply the provisions of the SOR No other entities may adopt the provision of the SOP, subject to this exception: If a parent entity that early adopted the SOP chooses...