AICPA STATEMENT OF POSITION 03-3 PDF

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 .

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Questions concerning profit recognition on sales of real estate full-text.

Otherwise, tell us how you determined this was not appropriate. If so, please revise your future filings off more clearly explain how you apply your nonaccrual policy to these acquired loans. Please see the response to subparagraph b. Auditor’s consideration of the internal control structure used in administering federal financial assistance programs under the Single Audit Act, November 28, ; amendment to AICPA audit and accounting guide, Audits of state and local governmental units, and supersession of SOPexample 26 full-text.

Reporting on advertising costs full-text. Accruing loans past due 90 days or more. However, for purposes of greater transparency, please revise this presentation in future filings to discuss stateement actual credit losses related to your guarantees are recorded and. Retrieved from ” https: Application of the deposit, installment, and cost recovery methods in accounting for sales of real estate full-text.

Summary of Significant Accounting Policies. Fannie Mae does not calculate fair value using the lower of the market estimate and internal estimates of loss.

Please revise to disclose if there are any other factors that you consider when you determine whether to purchase a loan from an MBS trust. Fannie Mae excludes loans from the scope of SOP if they do not meet both of the above criteria. Please revise to more clearly disclose the reasons you believe your presentation of adjusted credit losses provides useful information to investors. As this amount was determined to be immaterial, no nonaccretable discount was established for the Community loans.

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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.

Response to Comment 1. Fannie Mae updates the market inputs and loan characteristics that it uses in its internal models monthly, using month-end market data.

Grants of Plan Based Awards, page Contingencies arising from energy shortages full-text. Modification of SOPSoftware revenue recognitionwith respect to certain transactions full-text.

AICPA Statements of Position

Discuss the typical timing of returning the loan to accrual status. Prepayments, including those resulting from the purchase of loans from the MBS trusts, may cause an impairment of the guaranty asset, which also results in a proportionate reduction in the corresponding guaranty obligation and recognition of income.

Aixpa of Accounting Principles Board statements full-text. Losses on Certain Guaranty Contracts, page The aggregate amount of single-family guaranty fees we receive in any period depends on the amount of Fannie Mae MBS outstanding during that period and the applicable guaranty fee rates.

AICPA Statements of Position – Wikipedia

Revise your disclosure in future filings to describe the instructions given to and the engagement of Johnson Associates and Semler Brossy. Reporting on the costs of start-up activities full-text.

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Reports on audited financial statements of property and liability insurance companies, November 30, ; amendment to AICPA audit and accounting guide Audits of property and liability insurance companies full-text.

Because Fannie Mae did not grant any options to.

Please address the following: Please revise your future filings to explain how you determine which loans you intend to sell or securitize and which loans you intend to hold for investment. Because losses related to non-Fannie Mae mortgage-related securities that Fannie Mae holds in its mortgage portfolio, but does not guarantee, are not reflected in any of the components of its credit losses, Fannie Mae has revised the calculation of its credit loss ratio to reflect credit losses as a percentage of its guaranty book of business, which excludes these securities.

The full-text in the list below links to reproductions of SOPs as originally issued. Please revise to clearly state, if true, that all acquired loans are on nonaccrual status at acquisition.

Reporting by banks of investment securities gains or losses, December 31, ; amendment to AICPA industry audit guide Aicpq of banks full-text. First, a portion of the amounts recorded under SOP can be recovered elsewhere in the financial statements over stxtement, even though the dollar podition of the SOP fair value losses will not adjust when that portion of the SOP loss is recovered.

Accordingly, this activity is reflected as a non-cash transfer in the consolidated statement of cash flows, if material. Performing agreed-upon procedures engagements that address the completeness, mapping, consistency, or structure of XBRL-formatted information. Consolidated Statements of Cash Flow, page F