AICPA STATEMENT OF POSITION 03-3 PDF

0 Comments

Space considerations prevent publishing here the appendices to SOP Statements of Position on accounting issues present the conclusions of at least as amended, identifies AICPA Statements of Position that have been cleared by. The AICPA accounting standards executive committee (AcSEC) issues Statement of Position (SOP) , Accounting for Certain Loans or Debt Securities. AICPA Statements of Position (SOPs), available full-text at the links below from the University of .. , Accounting for certain loans or debt securities acquired in a transfer full-text, December , Reporting financial highlights and .

Author: Turr Kazrall
Country: Costa Rica
Language: English (Spanish)
Genre: Career
Published (Last): 5 December 2015
Pages: 291
PDF File Size: 19.45 Mb
ePub File Size: 11.48 Mb
ISBN: 291-4-40430-343-4
Downloads: 45273
Price: Free* [*Free Regsitration Required]
Uploader: Arall

Rather, Fannie Mae receives the guaranty fee as compensation for providing its guaranty to the MBS trust. The tabular presentation also will include the change in computation described in comment Therefore, loans that are acquired when they are Seriously Delinquent Loans are placed on nonaccrual status.

Audits of stock life insurance companies aipa. Accounting practices in the mortgage banking industry full-text. Accounting for real estate acquisition, development, and construction costs full-text.

In future filings, please revise to reclassify the amount of trust management income reported in interest income in prior periods to conform to the current period presentation.

In addition, Fannie Mae assesses the effectiveness of its internal models at least annually, unless circumstances warrant a more frequent review, in accordance with its corporate model review policy. Disclosure of certain significant risks and uncertainties full-text. We initially classify as HFI loans that have product types that we do not currently securitize from our portfolio, such as reverse mortgages.

You state here that loans acquired under your default call option are considered individually impaired at acquisition. Please revise your future filings to clarify how and why you guarantee a mortgage loan that has not been securitized or has been repurchased, what the fair value adjustment represents and how fair value is calculated. At month-end, we reclassify loans acquired during the calendar month, from HFS to HFI, if we have not securitized or are not in the process of securitizing them because we have the intent to hold those loans for the foreseeable future or until maturity.

  BEATE WALTHER KOMPOZYCJE KWIATOWE PDF

Accounting for foreign currency translation, May 17, full-text. Guidance to practitioners in conducting and reporting on an agreed-upon procedures engagement to assist management in evaluating the effectiveness of its corporate compliance program full-text.

We expect that, inour credit loss ratio will increase above our normal historical average range of 4 to 6 basis points. Because these funds have been segregated, the income Fannie Mae earns during the Float Period on these funds is now separately identifiable.

AICPA Statements of Position

Accounting for costs to sell and rent, and initial rental operations of, real estate projects full-text. Accounting practices for certain Employee Stock Ownership Plans full-text. Please revise to disclose if there are any other factors that you consider aidpa you determine whether to purchase a loan from an MBS trust. Accounting and reporting by insurance enterprises for certain nontraditional long-duration insurance contracts and for separate accounts full-text.

Fannie Mae considered the historical cure rates on its Seriously Delinquent Loans for the purpose of determining which loans were within the scope sstatement SOP Explain the extent to which you use market versus internal estimates for these purposes.

Please see the response to comment Financial accounting and reporting by face-amount certificate companies full-text.

Recognition of profit on sales of oof with recourse full-text. Please revise your future filings to quantify the amount of repurchases for the periods presented and to disclose how these repurchases affect your guarantee accounting and your estimate of your allowance for loan losses. List of Statements of Position [ edit ] No.

Specifically tell us how each of the following factors impact your determination: Fannie Mae has concluded that, for purposes of its single-family mortgage loans, a Seriously Delinquent Loan, which is defined as a loan.

Less significant factors affecting the amount of Fannie Mae MBS outstanding are the extent to which Fannie Mae purchases loans from its MBS trusts because of the rates of borrower default with the amount of these purchases affected by rates of borrower defaults on the loans and the extent to which lenders repurchase loans from the pools or because the loans do not conform to the representations made by the lenders.

  LIBRO DE LA CODEPENDENCIA A LA LIBERTAD KRISHNANANDA PDF

Beginning in the fourth quarter ofFannie Mae decreased the number of its optional loan purchases from MBS trusts in order to preserve capital in compliance with its regulatory capital requirements. Because Fannie Mae did not grant any options to.

AICPA Statements of Position – Wikipedia

The borrower repays the delinquent amounts and prepays either all or a portion of the contractually required payments receivable that are not yet due. Accounting for foreclosed assets full-text. Please revise to clearly state, if true, that all acquired loans are on nonaccrual status at acquisition.

Footnote 3 of SOP positkon that loans that have had an insignificant delay or shortfall in their contractually required payments are excluded from the scope of this standard. Software revenue recognition full-text. Please revise your future filings accordingly. As noted in response to comment Accordingly, Fannie Mae excluded SOP fair value losses from its total credit losses and its credit loss ratio.

If so, tell how. Not all loans that Fannie Mae purchases from MBS trusts are loans that are delinquent, in whole or in part, as to at least four consecutive monthly payments. Please clarify how performance is measured for all material elements of incentive compensation.

Financial accounting and reporting by hospitals operated by a governmental unit, July 31, ; proposal to the Financial Accounting Standards Board to amend AICPA industry audit guide, Audits of state and local governmental units full-text.