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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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. This presentation provides transparency into the components of the fair value of the mortgage loans associated with the activities of our guaranty business es activities and the components of our capital markets business activities, which is consistent with the way we manage risks and allocate revenues and expenses for segment reporting purposes.

First, a portion of the amounts recorded under Statemetn can be recovered elsewhere in the financial statements over time, even though the dollar amount of the SOP fair value losses will not adjust when that portion of the SOP loss posotion recovered. If so, tell how. Refer to paragraph 14 of SOP Accounting for real estate syndication income full-text.

Auditor’s consideration of regulatory risk-based capital for life insurance enterprises full-text. Accounting practices in the mortgage banking industry full-text.

You disclose that you have the option to repurchase loans from a MBS trust, at par plus accrued interest, after required payments have not been made in.

You disclose on page 7 that lenders repurchase loans from the pools when the loans do syatement conform to the representations made by the lenders. Accounting by cable television companies full-text.

These loans are purchased out of MBS trusts pursuant to a different provision of our trust poeition and not pursuant to the default call option. Reporting by banks of investment securities gains or losses, December 31, ; amendment to AICPA industry audit guide Audits of banks full-text. Clearly disclose any limitations on the usefulness of this posittion. As a result, there is not an amortized cost basis associated with the guaranty obligation for each mortgage loan.

Accounting for advance refundings of tax-exempt debt, June 30, full-text. Reporting of investment contracts held by health and welfare benefit plans and defined-contribution pension plans, September 23, ; starement to AICPA Audit and accounting guide, Audits of employee benefit plans, and SOPAccounting and reporting by health and welfare benefit plans full-text.

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Accountants’ services on prospective financial statements for internal use only and partial presentations full-text.

Accounting by certain entities including entities with trade receivables that lend to or finance the activities of others full-text. Disclosure of certain information by financial institutions about debt securities held as ot, November 30, ; amendment to AICPA audit and accounting guides Audits of banks, Audits of credit unions, Audits 0-33 finance companies including independent and captive financing activities of other companiesAudits of property and liability insurance companies, Savings and loan associations, and Audits of stock life insurance companies full-text.

Consider expanding the example or adding additional examples to portray a guaranty contract on which you are required or choose positioh purchase the mortgage and which results in credit losses. Clearly describe the nature of any loans that are not on nonaccrual status at acquisition.

AICPA Statements of Position – Wikipedia

Because these funds have been segregated, the income Fannie Mae earns during the Float Period aicpw these funds is now separately identifiable.

Financial reporting by nonpublic investment partnerships full-text. Fannie Mae does not calculate fair value using the lower of the market estimate and internal estimates of loss. Tell us how you determined your approach was appropriate under the guidance of SOP 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.

Thus, there is not a specific reserve that is allocated or each mortgage poeition purchased from a trust, nor is such a specific reserve required. Official title Issued on Contingencies arising from energy shortages full-text January 24 Accounting for research and development and similar costs full-text February 28 Disclosure in annual stockholder reports; comments on Securities Exchange Act release no.

Losses on Certain Guaranty Contracts, page Auditors’ reports under U. Auditing insurance entities’ loss reserves, May 29, ; supplement to AICPA Audit and accounting guide, Audits of property and liability insurance companies full-text.

Reports on the internal control structure in audits of brokers and dealers in securities full-text. Fannie Mae believes that this additional disclosure in the consolidated statements of cash flows will provide increased sgatement as to the movement of loans.

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The change has the effect of increasing the ratios slightly compared with the presentation included in the Third Quarter Form Q. Audits of stock life insurance companies full-text March 23 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 contracts full-text July 15 Reporting practices concerning hospital-related organizations; August 1, We initially classify as HFS 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 a portion of the resulting securities.

Accordingly, to the extent the funds were invested, Fannie Mae believes that interest income is the appropriate classification for these amounts during these periods. Reporting on required supplementary information accompanying compiled or reviewed financial statements of common interest realty associations, April 23, ; amendment to AICPA audit and accounting guide, Common interest realty associations full-text.

Also, the reserve for guaranty losses is not an adjustment to the loan, but is the valuation allowance that reflects the contingent losses on the loans Fannie Mae guarantees.

Clearly describe how loans that are initially placed on nonaccrual status are returned to accrual status. Condensed Consolidated Financial Statements.

AICPA Statements of Position

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.

When these other factors provide evidence of credit deterioration, Fannie Mae concludes that the first SOP scope criterion has been met. Advances to lenders represent payments of cash in exchange for the receipt of mortgage loans from lenders in a transfer that is accounted for as a secured lending arrangement under SFAS No.