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U.S. GAAP Codification of Accounting Standards |
| U.S. GAAP Codification | Accounting Standards, ASC |
| Principles of Accounting, Intermediate Financial Accounting, U.S. GAAP Textbook |
| Accounting by Topic, Accounting Terms Dictionary |
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U.S. GAAP Accounting Standards |
| Codification Topic 860-50 Servicing Assets and Liabilities Accounting for Servicing of Financial Assets SFAS 156 amended SFAS 140 in March 2006 SFAS 140 replaced SFAS 125 in September 2000 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 156 in March 2006 1. Initial measurement Servicing Assets (SA) and Servicing Liabilities (SL) are --> initially measured at fair value 2. Subsequent measurement Before SFAS 156, --> SA and SL are subsequently measured at amortized cost SFAS 156 provides --> a Fair Value Option for SA and SL Entities have a choice of (A) or (B): --> (A) Amortized cost --> (B) Fair value 3. Separate presentation of SA and SL --> subsequently measured at fair value |
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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 |
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