58   ASC 860 TRANSFERS AND SERVICING

Perspective and Issues

Subtopics

Scope and scope exceptions

Overview

Definitions of Terms

Concepts, Rules, and Examples

Transfers of Financial Assets under ASC 860—Introduction

Surrender of control

Maintaining effective control

Components of financial assets

Accounting for transfers

Measuring assets and liabilities after completion of a transfer

Transfers of receivables with recourse

Example of accounting for the transfer of receivables with recourse

Retained interests

Example: Sale of partial interest receivables

Examples: Sale of loans with various types of retained interests

Servicing

Example: Sale of receivables with servicing asset retained by transferor

Example: Sale of receivables with servicing liability retained by transferor

Examples: Sale of receivables servicing asset retained

Example of rights to future income from serviced assets

Changes resulting in transferor regaining control of financial assets sold

Sales-type and direct financing lease receivables

Example of sale of interest in lease payments

Securitizations

Example of a securitization deal involving four classes of securities

Example of revolving period securitizations

Repurchase agreements

Example of a repurchase agreement

Securities lending transactions

Example: Securities lending transaction (30 days)

Accounting for collateral

Example of accounting for collateral

Financial assets subject to prepayment

PERSPECTIVE AND ISSUES

Subtopics

ASC 860 contains five Subtopics:

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