The objective of the amended guidance on transfers of financial assets (Topic 860) is to improve the relevance, representational faithfulness, and comparability of the information that a reporting entity provides in its financial reports about a transfer of financial assets; the effects of a transfer on its financial position, financial performance and cash flows; and a transferor’s continuing involvement in transferred financial assets.

This guidance applies to all entities and is effective 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 and must be applied to transfers occurring on or after the effective date. Additionally, on and after the effective date, the concept of a qualifying special purpose entity (QSPE) is no longer relevant for accounting purposes. Therefore, former QSPEs should be evaluated for consolidation by reporting entities on and after the effective date in accordance with the applicable consolidation guidance. If the evaluation on the effective date results in consolidation, the reporting entity should apply the transition guidance provided in the pronouncement that requires consolidation.

Relevant FASB guidance and CAQ member firm non-authoritative publications are available at the respective tabs.

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.

Transfers and Servicing (authoritative)

Accounting for Transfers of Financial Assets (non-authoritative)

Accounting for Transfers of Financial Assets—an amendment of FASB Statement No. 140 (non-authoritative)

Transfers of Financial Assets – Implementation Guidance on ASC 860, as amended by Statement 166, Grant Thornton

Guide to Accounting for Transfers and Servicing of Financial Assets – 2010 Edition, PricewaterhouseCoopers

Financial Reporting Developments – Transfers and Servicing of Financial Assets, Accounting Standards Codification 860, Ernst & Young

FASB Statement No. 166, Accounting for Transfers of Financial Assets, an amendment of FASB Statement No. 140, Ernst & Young

Securitization Accounting The Ins and Outs (and some Do’s and Don’ts) of FAS 166, 167, and Counting…, Deloitte

Transfer and Consolidation Issues: An Overview of FASB Statements 166 and 167, Crowe Horwath

FASB Statement No. 166, Accounting for Transfers of Financial Assets, an amendment of FASB Statement No. 140, Ernst & Young

Implementing FASB Statements No. 166, Accounting for Transfers of Financial Assets, and No. 167, Amendments to FASB Interpretation No. 46(R), KPMG

FASB Issues New Standard on Transfers of Financial Assets, Deloitte

FASB Issues Statement 166, an amendment to Statement 140, Ernst & Young

Amendments to Statement No. 140 Issued, McGladrey & Pullen

FAS 166 – New Guidance for Transfers of Financial Assets, PricewaterhouseCoopers

Amendments to the Accounting for Securitizations and Special Purpose Entities, FASB

Transfers of financial assets and consolidation, FASB issues Statements 166 and 167 - amendments to Statement 140 and FIN 46(R), Ernst & Young