QSPEs -- so are they allowed anymore or not?

CFAI Volume 2 Page 55: “The elimination of QSPEs by the FASB is intended to increase the transparency and comparability of companies involved with VIEs.” CFAI Volume 2 Page 76: “Under US GAAP, qualifying SPEs do not have to be consolidated.”

bumping this, anyone have a quick answer?

They are no longer allowed. GAAP, until recently, did allow them but they must be consolidated going forward.

They were eliminated under FASB 140, if you feel like look ingit up, but it is kind of technical accounting stuff and you probably don’t want any more stuff clogging up your brain. At any rate what were QSPEs are now considered VIEs and have to be consolidated, that’s really all you need to know for the test.