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U.S. GAAP Codification of Accounting Standards |
| U.S. GAAP Codification | Accounting Standards, ASC |
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U.S. GAAP
Codification of Accounting Standards |
| U.S. GAAP Codification Updates |
| Principles of Accounting, Intermediate Accounting, Advanced Accounting |
| Accounting Terms |
| Codification Topic 860-20 Sale of Financial Assets Accounting for Servicing of Financial Assets SFAS 166 amended SFAS 140 in June 2009 SFAS 156 amended SFAS 140 in March 2006 SFAS 140 replaced SFAS 125 in September 2000 SFAS 166, June 2006 "Accounting for Transfers of Financial Assets" an amendment o FASB Statement No. 140 SFAS 156, March 2006 "Accounting for Servicing of Financial Assets" an amendment of FASB Statement No. 140 SFAS 140, September 2000 "Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities" a replacement of FASB Statement No. 125 SFAS 125, June 1996 " Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities" Amendments to SFAS 140 by SFAS 166 in June 2009 1. The concept of Qualifying Special Purpose Entities (QSPE) was removed --> Paragraphs 34 - 46 were deleted. 2. Financial components approach was modified The application of sale accounting is limited to (A), (B), (C) (A) transfer of an entire financial asset (B) transfer of a group of entire financial assets (C) transfer of a participating interest in an entire financial asset Paragraph 8B of SFAS 140 defines the "participating interest" 3. The conditions to determine whether the control was surrendered --> were amended for clarification --> Paragraph 9 of SFAS 140 4. Additional disclosures --> Paragraphs 16B - 16D were added |
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Codification Topic 860 Transfers and Servicing |
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Subtopics of Codification Topic 860 860-10 Overall 860-20 Sales of Financial Assets 860-30 Secured borrowing and collateral 860-40 Transfers to qualifying special purpose entities 860-50 Servicing assets and liabilities |
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Accounting Terms of Codification Topic 860-10 Affiliate Agent Attached call option Beneficial interests Cleanup call option Collateral Consolidated affiliate Consolidated affiliate of the transfer Continuing involvement Controlled amortization method Derecognize Dollar-roll repurchase agreement Embedded call option Equitable right of redemption Financial Asset Financial liability Fixed participation method Floating participation method Freestanding call option Government national mortgage association rolls Liquidation Loan participation Loan syndication Nonpublic entity Preset participation method Publicly traded entity Qualifying special-purpose entity Recourse Repurchase agreement Repurchase financing Revolving-period securitizations Securitization Seller Transfer Transferee Transferor Undivided interest Unilateral ability |
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Accounting Terms of Codification Topic 860-20 Derivative financial instrument Financial instrument Interest-only strip Proceeds Security |
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Accounting Terms of Codification Topic 860-30 Security interest |
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Accounting Terms of Codification Topic 860-40 Commingling Condominium structure Guaranteed mortgage securitization |
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Accounting Terms of Codification Topic 860-50 Adequate compensation Benefits of servicing Contractually specified servicing fees Protection provisions Servicing assets Servicing liabilities |
| U.S. GAAP by Topic |
| Accounting Topics |
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