This article analyses the latest developments affecting consolidation rules for securitisations, in relation to who must consolidate the SPE under Generally Accepted Accounting Principles in the US (US GAAP), the US Financial Accounting Standards Board (FASB) proposal to change its consolidation rules, and consolidation guidance in the International Financial Reporting Standards (IFRS).

This article is part of the global guide to structured finance and securitisation. For a full list of contents visit www.practicallaw.com/securitisation-mjg.