The Financial Accounting Standards Board published new rules Friday as expected that will overhaul how financial companies account for securitizations.
The rules, which the industry opposed, will take effect next year.
They are expected to bring potentially trillions of dollars of assets currently held in off-balance-sheet vehicles on to companies' books.
"These changes were proposed and considered to improve existing standards and to address concerns about companies who were stretching the use of off-balance-sheet entities to the detriment of investors," Robert Herz, the board's chairman, said in a press release.
"The new standards eliminate existing exceptions, strengthen the standards relating to securitizations and special-purpose entities and enhance disclosure requirements. They'll provide better transparency for investors about a company's activities and risks in these areas."
