Do New Accounting Rules Force Banks to Use New Playbook?

"In June FASB changed the ground rules for securitization accounting when it adopted FAS 166 and 167. The “Q” (qualifying special purpose entity) is eliminated and, along with it, automatic off-balance sheet treatment for transfers of financial assets into securitization entities. Instead, securitizations must be evaluated for consolidation by internet holders with both a) The power to direct activities that most significantly impact the securitization’s economic performance, and b) The obligation to absorb losses/receive benefits that could potentially be significant"