FEI Claims that FASB Board Wants LT Preferred Stock to be Classified as a LIABILITY!

In a potentially stunning development, Financial Executives International claims that the governing board of FASB has voted that perpetual preferred stock should be classified as a liability rather than equity. FASB hopes to have its Preliminary Views document on liabilities and equity ready by the end of September.

It should be noted that I have not found this report confirmed at either the FASB website or any of about 3-4 other news sites which I have investigated since reading the FEI statement. If FEI is on target here, this would be one of the biggest adjustments to the balance sheet in decades.