The Financial Accounting Standards Board has decided to allow a little more time for folks to study and comment on three proposals, primarily because they contain complicated issues that may interact with one another.

The board has extended to Feb. 15, 2012, the comment period for proposals on consolidations, investment companies, and investment property entities. Staff members told the board during a recent meeting that a handful of large industry groups and financial institutions asked for an extension in light of the impending year-end close and the holiday season. The comment periods on consolidations was set to expire on Jan. 17, while comments on investment companies and investment property entities originally ended on Jan. 5.

Concerns are rising that there may be some complex accounting issues, staff members said, including cross-cutting issues where the proposals might affect or have some interaction with each other or with other proposals that are currently under consideration. Those industry groups and financial institutions are thinking particularly of the proposed standard on leases and similar requirements in International Financial Reporting Standards.

The consolidations proposal is intended to revise guidance on who should consolidate a particular entity to its financial statements, mainly to assure investment managers acting as agents for their clients aren't unintentionally required by the standard to consolidate their clients' assets. The investment property proposal is intended to establish the criteria that would determine when an entity would be considered an investment property entity for purposes of applying accounting standards. The investment company proposal would amend the current definition for investment companies under U.S. Generally Accepted Accounting Principles and assure it consolidates another investment company or investment property entity if it meets the right criteria for consolidation.

The board had tentatively planned to hold roundtables on the proposals, but the change in the comment period deadline requires those plans to be deferred. There are no roundtables scheduled currently.