Morgan Stanley 2009 Annual Report Download - page 77

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• A sale or disposition by the Company of all or part of its variable interests in the VIE to parties unrelated
to the Company.
• The issuance of new variable interests by the VIE to parties unrelated to the Company.
The determination of whether an SPE met the accounting requirements of a QSPE required significant judgment,
particularly in evaluating whether the permitted activities of the SPE were significantly limited and in
determining whether derivatives held by the SPE were passive and nonexcessive. In addition, the analysis
involved in determining whether an entity is a VIE, and in determining the primary beneficiary of a VIE, requires
significant judgment (see Notes 1 and 6 to the consolidated financial statements).
See “Accounting Developments—Transfers of Financial Assets and Extinguishment of Liabilities and
Consolidations of Variable Interest Entities” herein for information on accounting guidance adopted on
January 1, 2010 for transfers of financial assets.
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