October 2014
Intermediate to advanced
1512 pages
57h 40m
English
book
Wiley GAAP 2015: Interpretation and Application of Generally Accepted Accounting Principles 2015
by Joanne M. Flood
Content preview from Wiley GAAP 2015: Interpretation and Application of Generally Accepted Accounting Principles 2015
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Chapter 59ASC 860 TRANSFERS AND SERVICING
Transfers of Financial Assets under ASC 860—Introduction
PERSPECTIVE AND ISSUES
Subtopics
ASC 860 contains five Subtopics:
- ASC 860-10, Overall
- ASC 860-20, Sales of Financial Assets
- ASC 860-30, Secured Borrowings and Collateral
- ASC 860-50, Servicing Assets and Liabilities.
Scope and Scope Exceptions
ASC 860 applies to transfers and servicing of noncash financial assets. A transfer includes
- Selling a receivable,
- Transferring a receivable to a trust, or
- Using a receivable as security for a loan.
A transfer does not include
- The origination of a receivable,
- The settlement of a receivable, or
- The restructuring of a receivable in a troubled debt restructuring.
Those transactions are transfers involving the issuer of the receivable.
Among the types of transfers of financial assets for which ASC 860 establishes standards are:
- Financial instruments
- Financial assets
- Collateral
- Transfers of receivables with recourse (factoring with recourse)
- Transfers of undivided partial interests in receivables (retained interests)
- Transfers of receivables with servicing retained
- Transfers of minimum lease payments under sales-type and direct financing leases and any related guaranteed residual
- Putting a receivable into a securitization trust
- Repurchase agreements
- Dollar rolls
- Securities lending transactions
- Posting a receivable ...
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