In June 2009, the FASB issued pre-Accounting Standards Codification (ASC) standards: Statement of Financial Accounting Standards (SFAS) No. 166, Accounting for Transfers of Financial Assets – an amendment of FASB Statement No. 140, and SFAS 167, Amendments to FASB Interpretation No. 46(R). In December 2009, FASB amended the ASC to incorporate SFAS 166 and 167 by issuing the following updates: Accounting Standards Update (ASU) 2009-16, Accounting for Transfers of Financial Assets and ASU 2009-17, Improvements to Financial Reporting by Enterprises Involved with Variable Interest Entities (VIEs), which amended ASC Topic 860, Transfers and Servicing and Topic 810, Consolidations, respectively.
The amended accounting guidance for transfers of financial assets (Topic 860) and VIE consolidation (Topic 810) must be applied as of the beginning of each reporting entity’s first annual reporting period that begins after November 15, 2009, for interim periods within that first annual reporting period and for interim and annual reporting periods thereafter. The effective date of the amended VIE consolidation guidance in Topic 810 has been deferred for interests in certain entities (see “Consolidation of VIEs” Topic 810 section of this Web resource).
The CAQ has created this Web resource, Accounting for Transfers of Financial Assets and Consolidation of Variable Interest Entities, to provide member firms with relevant information from a variety of sources, including guidance from standard-setters, publications by the CAQ and member firms and webcasts in one central location.
The CAQ and member firm publications referenced within this Web resource are not authoritative and users are urged to refer directly to applicable authoritative pronouncements for the text of the technical literature. These firm publications do not purport to be applicable or sufficient to the circumstances of any work performed by members. They do not set any standards, nor have they been approved by any regulatory body or the FASB. They are not intended to be a substitute for professional judgment applied by practitioners. The information upon which these firm publications are based may change from time to time. As a result, the information, commentary or guidance contained herein may not be current or accurate and the CAQ is under no obligation to update such information. Readers are therefore urged to refer to current authoritative or source material.