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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Application of the deposit, installment, and cost recovery methods in accounting for sales of real estate full-text. Fannie Mae psition make this change beginning with its Form K, will conform prior period presentations to reflect this change, and will disclose the ratios calculated under its prior methodology in footnote 2 to the table.
Tell us how you determined your approach was appropriate under the guidance of SOP 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.
Our response is numbered to correspond to the numbers of the comments in the Comment Letter. Fannie Mae classifies wtatement multifamily mortgage loan as a Seriously Delinquent Loan if the loan is 60 days or more past due.
Auditors’ reports under U. Accounting and reporting by health and welfare benefit plans; amendment to AICPA audit and accounting guide, Audits of employee benefit plans, and SOPAccounting and reporting by health and welfare benefit plans full-text.
Reporting financial highlights and schedule of investments by nonregistered investment partnerships: Performing agreed-upon procedures engagements that address the completeness, mapping, consistency, or structure of XBRL-formatted information. Rather, Fannie Mae receives the guaranty fee as compensation for providing its guaranty to the MBS trust. With regard to the Foothill loans, we concluded from our review that there were no Foothill loans subject to SOP For loans accounted for in accordance with SOPplease revise your future filings to describe how prepayments are considered in the determination of contractual cash flows and cash flows expected to be collected.
For example, please discuss any input that Semler Brossy has on reports presented to the Compensation committee. Financial accounting and reporting by providers of prepaid health care services full-text. Accounting for real estate time-sharing transactions full-text. Accounting by insurance enterprises for deferred acquisition costs in connection with modifications or exchanges of insurance contracts full-test. Nonaccrual and impaired loans 1.
When Fannie Mae has an option, but not the obligation, to purchase the loan from the MBS trust, Fannie Mae may elect not to aocpa the default call option or any other option that may be available to it and instead may make only those purchases that it is required to make pursuant to the trust documents. Reporting repurchase-reverse repurchase agreements and mortgage-backed certificates by savings and loan associations ; amendment to AICPA audit and accounting guide, Savings and loan associations full-text.
AICPA Statements of Position – Wikipedia
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. Accordingly, Fannie Mae considers several factors in addition to comparative economic cost when determining whether or not to purchase nonperforming loans from its MBS trusts, including its regulatory capital requirements.
Because these funds have been segregated, the income Fannie Mae earns during the Float Period on these funds is now separately identifiable.
Explain the extent to which you use market versus internal estimates for these purposes. Fannie Mae confirms that loans that have been purchased by Fannie Mae from an MBS trust in its capacity as guarantor are positikn evaluated in accordance with paragraph. Accounting practices in the mortgage banking industry full-text. See response in comment Questions and answers on the term reasonably objective basis and other ppsition affecting prospective financial statements, February 10, ; amendment to AICPA Guide for prospective financial statements full-text.
Fannie Mae may not assert Staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States. If you have any questions regarding the response above, please contact me at FAS and FASas amended, showing the amount of underwater securities that have been in an unrealized loss position for greater than twelve months.
Accounting for interfund transfers of state and local government units full-text. Accordingly, Fannie Mae excluded SOP fair value losses from its total credit losses and its credit loss ratio. Because compensation decisions for are just now being finalized, Fannie Mae is not yet ready to provide the Staff with draft disclosure relating to the engagement of Johnson Associates and Semler Brossy in connection with compensation.
Performing agreed-upon procedures engagements that address internal control over derivative transactions by the New York State insurance law full-text.
AICPA Statements of Position
When these other factors provide evidence of credit satement, Fannie Mae concludes that the first SOP scope criterion has been met. Reporting on the costs of aaicpa activities full-text.
In its future interim filings, Fannie Mae will provide a table similar to the table presented on page F included in its K, which presents the fair value of its investments in securities that have unrealized losses for the periods presented. As noted in response to comment Please do not hesitate to contact the undersigned at Software revenue recognition full-text. 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.
Please revise to disclose, for each of the periods presented, the number and dollar amount of loans purchased as a percentage of loans for which you had the option to repurchase.
Accounting for performance of construction-type and certain production-type contracts full-text. The scope criterion aiicpa paragraph. Please revise to disclose these triggers.
Modification of SOPSoftware revenue recognitionwith respect to certain transactions full-text. Cedars was a privately-owned bank and both Foothill and Community were public companies.