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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The borrower repays the delinquent amounts and prepays either all or a portion of the contractually required payments receivable that are not yet due.

statenent Presentation and disclosure of financial forecasts full-text. Therefore, losses resulting from the application of. Clearly describe the nature of any loans that are not on nonaccrual status at acquisition. 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.

With regard to the Foothill loans, we concluded from our review that there were no Foothill loans subject to SOP Fannie Mae does not use market estimates in determining whether a loan kf be placed on or returned to accrual status. Although the funds were not held in separate accounts, the amount due to each trust and its certificate holders was readily ascertainable. Please clarify how performance is measured for all material elements of incentive compensation.

Conceptual framework for accounting and reporting full-text.

Financial reporting by nonpublic investment partnerships full-text. Accountants’ services on prospective financial statements for internal use only and partial presentations full-text. Performing agreed-upon procedures engagements that address annual claims prompt payment reports as required by the New Jersey Administrative Code full-text.

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We initially classify as HFI loans that have product types that we do not currently securitize from our portfolio, such as reverse mortgages.

At their respective acquisition dates, the loan portfolios stafement the acquired companies were as follows dollars in millions: You state here that loans acquired under your default call option are considered individually impaired at acquisition.

AICPA Statements of Position – Wikipedia

Auditing pksition care third-party revenues and related receivables full-text. Accounting and reporting by insurance enterprises for certain nontraditional long-duration insurance contracts and for separate accounts full-text. Specifically tell us how each of the following factors impact your determination: A loan is within the scope of SOP if both of the following criteria are met:. When Fannie Mae has an option, but not the obligation, to purchase the loan from the MBS trust, Fannie Mae may elect not to exercise the default call option or any other option that may be available to it and instead may make only those purchases syatement it is required to make pursuant to the trust documents.

Therefore, loans that are acquired when they are Seriously Delinquent Loans are placed on nonaccrual status. As this amount was determined to be immaterial, no nonaccretable discount was established for the Community loans. Please address the following: You disclose in footnote 5 that your non-GAAP consolidated fair value balance sheets also include the estimated guaranty assets and obligations related to mortgage loans held in your portfolio.

Reporting of investment contracts held by health and welfare benefit plans and defined-contribution pension plans, September 23, ; amendment to AICPA Audit and accounting guide, Audits of employee benefit plans, and SOPAccounting and reporting by health and welfare benefit plans full-text. Accrual of revenues and expenditures by state and local governmental units full-text. Illustrative auditor’s reports on financial statements of employee benefit plans comporting with statement on auditing standards no.

As a result of this extreme disruption in the mortgage markets, Fannie Mae posotion that its model-based estimates of fair value for delinquent loans were no longer aligned with the market prices for these loans.

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Accounting by cable television companies full-text.

Determination, disclosure, and financial statement presentation of income, capital gainand return of capital distributions by investment companies, February 1, ; amendment to AICPA audit and accounting guide, Audits of investment companies full-text. Although this data represents an important business metric, it does not support the conclusion that these loans should be excluded from the scope of SOP Audits of property and liability insurance companies full-text.

List of Statements of Position [ edit ] No. Investments in Securities, stayement Accruing loans past due 90 days or more. Condensed Consolidated Financial Statements. Reporting practices concerning hospital-related poition August 1, Audit and Attest SOPs were issued to revise or supplement the AICPA’s Audit and Accounting Guides, provide implementation guidance for specific types of audit and attest engagements, and guidance posltion specialized areas of audit and attest.

AICPA Statements of Position

FAS and FASas amended, showing the statejent of underwater stagement that have been in an unrealized loss position for greater than twelve months.

Definition of the term substantially the same for holders of debt instruments, as used in certain audit guides and a statement of position; February 13,amendment to AICPA industry audit guide, Audits of banks and AICPA audit and posituon guides Audits of brokers and dealers in securities and Savings and loan associations full-text. Accounting for developmental and preoperating costs, purchases, and exchanges of take-off and landing slots, and airframe modifications; September 30,amendment to AICPA industry audit guide, Audits of airlines full-text.

Please also see the further discussion of this issue in the response to comment 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.