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Accounting for Transfers and Servicing of Financial Assets and Extinguishments of liabilities.
Member rating: No Rating | Words: | Submitted: Thu Nov 10 2005
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SFAS 140 is a replacement of the FASB's Statement 125 Accounting for Transfers and Servicing of Financial Assets and Extinguishments of liabilities. "This statement provides accounting and reporting standards for accounting transfers and servicing of financial assets and extinguishments of liabilities. Those standards are based on consistent application of a financial-components approach that focuses on control. Under that approach, after a transfer of financial assets, an entity recognizes the financial and servicing assets it controls and the liabilities it has incurred, derecognizes financial assets when control has been surrendered, and derecognizes liabilities when extinguished." It is one of a few statements the FASB has developed that pertain to Special Purpose Entities and how to account for various transactions related to their use. SFAS 140 sets guidelines for when a sale of assets must be recognized based on criteria met by the sponsor company. The statement also requires "an entity...
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