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: Gajin Akinole
Country: Nicaragua
Language: English (Spanish)
Genre: Travel
Published (Last): 2 April 2006
Pages: 344
PDF File Size: 19.49 Mb
ePub File Size: 11.93 Mb
ISBN: 142-1-12356-173-7
Downloads: 33050
Price: Free* [*Free Regsitration Required]
Uploader: Moramar

AICPA Statements of Position

Fannie Mae does not calculate fair value using the lower of the market estimate and internal estimates of loss. Clarification of the scope of the audit pposition accounting guide investment companies and accounting by parent companies and equity method investor for investments in investment companies. Accounting for performance of construction-type and certain production-type contracts full-text.

Settlements of the advances to lenders, other than through repurchase, are not collected in cash, but sicpa in the receipt of either loans or MBS. Amendment to scope of Statement of positionFinancial reporting by nonpublic investment partnerships, to include commodity pools full-text.

Accounting for costs to sell and rent, and initial rental operations of, real estate projects full-text. Auditing insurance entities’ loss reserves, May 29, ; supplement to AICPA Audit and accounting guide, Audits of property and liability insurance companies full-text.

Although the funds were not held in separate accounts, the amount due to each trust and its certificate staement was readily ascertainable. As such, in its Form K, Fannie Mae will present the correct fair value of held for investment and held for sale loans included in Note statemeng of the Notes to Consolidated Financial Statements. Because these prices reflected significant market declines in value due to the disruption in the mortgage markets, Fannie Mae experienced a substantial increase in the Aocpa fair value losses recorded upon the purchase of delinquent loans from MBS trusts.

Specifically disclose how this activity affects the estimate of your guarantee obligations and the reserve for guaranty losses. Therefore, losses resulting from the application of. Modification of SOPSoftware revenue recognitionwith respect to certain transactions full-text.

Accordingly, the expanded example would address recording amounts in the Reserve for 03-33 losses, the positioh loss at the purchase of the loan when applying SOPand the credit loss recorded in your Allowance for loan losses. In most cases, if the loan had previously been transferred with recourse, the seller should already have recognized an associated liability for the recourse obligation in accordance with FAS 5, Accounting for Contingencies and FASAccounting for Transfers and Servicing of Financial.


As this amount was statemenf to be immaterial, no nonaccretable discount was established statemen the Community loans. Accounting by producers or distributors of films full-text. Accounting for foreign currency translation, May 17, full-text. Audits of stock life insurance companies full-text March statemnet Accounting for motion picture films; proposal to the Financial Accounting Standards Board to amend AICPA industry accounting guide Accounting for motion picture films full-text March 26 Accounting for title insurance companies full-text January 31 Accounting and financial reporting by governmental units; amendment to AICPA Industry audit guide, Audits of state and local governmental units full-text June 30 Accounting for real estate acquisition, development, and construction costs full-text December 22 Accounting for performance of construction-type and certain production-type stayement full-text July 15 Reporting practices concerning hospital-related posiyion August 1, Evidence of Credit Deterioration: Accounting for future losses full-text.

Grants of Plan Based Awards, page Adjusting that initial investment for an amount of the guaranty asset or guaranty obligation would not be appropriate under SFAS 91 because the guaranty fee is not received in connection with acquiring loans. Please address the following in your future filings. In applying SOPthe Company independently reviews all adversely classified loans those risk-rated substandard or doubtfulnonaccrual loans and loans classified as impaired by the acquired company and independently concludes whether it is probable that the Company will be unable to collect all contractually required payments receivable for each of these loans.

Please revise your future filings to disclose how you account for loans modified in a troubled debt restructuring. Fannie Mae does not make an adjustment to the guaranty obligation when a loan is purchased from an MBS trust and the trust receives the prepayment. Disclose the reasons and triggers for loan transfers between the two classifications.

Financial accounting and reporting by investment companies, April 15, full-text. Financial accounting and reporting by providers of prepaid health care services full-text. Discuss the apparent reasons for the disparity between the market estimate for loss and your internal estimates of loss, and discuss the trends experienced in this area. Retrieved from ” https: We initially classify as HFI loans that have product types that we do not currently securitize from our portfolio, such as reverse mortgages.

See response to comment Financial accounting and reporting for high-yield debt securities by investment companies, January 28, ; amendment to AICPA Audit and accounting guide, Audits of investment companies full-text. 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.


Fannie Mae uses internal cash flow models to project the cash flows used to assess impairment of loans in its impairment evaluation of loans that are on nonaccrual status, including loans accounted for under SOP Note 3, Mortgage Loans, page F Accounting for title insurance companies full-text.

This disclosure reflects the factors that Fannie Mae considers in making the determination regarding whether to purchase a nonperforming loan from an MBS trust to hold in its portfolio. Financial reporting by entities in reorganization under the bankruptcy code full-text. Consider expanding the example or adding additional examples to portray a guaranty contract on which you are required or choose to purchase the mortgage and which results in credit losses.

Financial syatement by not-for-profit health care entities for tax-exempt debt and certain funds whose use is limited; amendment to AICPA industry audit guide, Hospital audit guide 30-3. Please address the following: The full-text in the list below links to reproductions of SOPs as originally issued.

Therefore, loans that are acquired when they are Seriously Delinquent Loans are placed on nonaccrual status. Please confirm that you make this determination on an individual loan basis. Fannie Mae initially determines which loans it plans to securitize based on the loan product type.

AICPA Statements of Position – Wikipedia

Accounting for and reporting of certain defined contribution plan investments and other disclosure matters; amendment to the AICPA audit and accounting guide, Audits of employee benefit plans full-text. We initially classify as Poeition loans that have product types that we actively securitize from our portfolio, such as year fixed rate mortgages, because we have the intent, at acquisition, to securitize the loans either during the month in which the acquisition occurs or during the following month and sell all or statemenh portion of the resulting securities.

Audits of not-for-profit organizations receiving federal awards; amendment to AICPA audit and accounting guides, Audits posjtion providers of health care services, Audits of voluntary health and welfare organizations, Audits of colleges and universities, and Audits of certain nonprofit organizations full-text.