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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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First, a portion of the amounts recorded under SOP can be recovered elsewhere in the financial statements over time, even though the dollar amount of the Oof fair value losses will not adjust when that portion of the SOP loss is recovered. Please revise your future filings to address the following: With a view toward increased transparency, please revise the footnotes in your future annual and interim filings to provide a reconciliation of the changes in loans posituon for sale to the amounts presented in the statement of cash flows for all periods presented, including how it relates to your non-cash line items if appropriate.

Please clarify how performance is aicap for all material elements of incentive compensation. Identify how often you update these models and how these models take into account your increased delinquency rates. Please confirm that you make this determination on an individual loan basis. In future filings, please revise to reclassify the amount of trust management income reported in interest income in prior periods to conform to the current period presentation.

AICPA Statements of Position – Wikipedia

Contingencies arising from energy shortages full-text. This page was last edited on 29 Julyat Credit Loss Performance, page Instead, Fannie Mae tracks its total loan purchases pursuant to its trust documents, and, of that total, the purchases it made under one of its loan purchase options and, separately, the purchases it was required to make.


Foreign currency accounting and financial statement presentation for investment companies, April 22, ; amendment to AICPA Audit and accounting guide, Audits of investment companies full-text.

If a loan that was transferred with recourse and qualified for accounting as a sale under FASAccounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities, is subsequently repurchased under the recourse provision, is it within the scope of the SOPAccounting for Certain Loans or Debt Securities Acquired in a Transfer?

The SOP includes guidance on the evidence of credit deterioration.

Please revise to clearly state, if true, that all acquired loans are aicp nonaccrual status at acquisition. Financial accounting and reporting by hospitals operated by a governmental unit, July 31, ; proposal to the Financial Accounting Standards Board to amend AICPA industry audit guide, Audits of state and local governmental units full-text.

For example, Fannie Mae has generally excluded from the scope lf SOP loans that have been purchased from MBS trusts due to a material breach of a representation or warranty that was made in connection with the transfer of the mortgage loans from the seller to Fannie Mae.

AICPA Statements of Position

Summary of Significant Accounting Policies. The guaranty obligation is reduced over time, in accordance with paragraph 12 of FIN Reports on audited financial statements of property and liability insurance companies, November 30, ; amendment to AICPA audit and accounting guide Audits of property and liability insurance companies full-text.

Such loan repaid in full in March Fannie Mae complies with this statement by adjusting both contractual cash flows and cash flows expected to be collected to take into account the estimated timing and amount of prepayments. By using this site, you agree to the Terms of Use and Privacy Policy. The borrower repays delinquent amounts so that the loan is no longer a Seriously Delinquent Loan.

Fannie Mae excludes loans from the scope of SOP if they do not meet both of the above criteria. This disclosure reflects the factors that Fannie Mae considers in making the determination regarding whether to purchase a nonperforming loan from an MBS trust to hold in its portfolio. Specifically, Fannie Mae has concluded that when a loan becomes a Seriously Delinquent Loan, the collection of principal and interest is no longer probable.


In future filings, please clearly disclose in your annual and interim footnotes how you determine the market estimate of loss.

Application of the requirements of accounting research bulletins, opinions of the Accounting Principles Board, and statements and interpretations of the Financial Accounting Standards Board to not-for-profit organizations full-text.

In that context, Fannie Mae primarily relies upon the delinquency status of the loan to determine if this criterion has been met. Accounting for title insurance companies full-text. Audit and Attest SOPs were issued to revise or supplement the AICPA’s Audit and Accounting Guides, provide implementation guidance for specific types of audit and attest engagements, and guidance in specialized areas of audit and attest.

Guidance to practitioners in conducting and reporting on an agreed-upon procedures engagement to assist management in evaluating the effectiveness of its corporate compliance program full-text. It is probable at acquisition that Fannie Mae will be unable to collect all required payments receivable in accordance with their contractual terms ignoring insignificant delays in payment 2. Financial accounting and reporting by investment companies, April 15, full-text.

Our response is numbered to correspond to the numbers of the comments in the Comment Letter. You report a significant amount of cash outflows in the investing section of your statement of cash flows related to advances to lenders.

Accounting for performance of construction-type and certain production-type contracts full-text.