The Financial Accounting Standards Board, reversing an earlier position, is now leaning toward de-claring that securitizations backed by revolving assets such as credit card receivables cannot be recogniz-ed as sales for accounting purposes.

The board will discuss the issue again at an open meeting on Nov. 2 or Nov. 9, said Halsey Bullen, the FASB staffer who directs the securi-tization project.

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