Download or read book New FASB Statement Requires Initial Fair Value Treatment for Servicing Assets and Liabilities Look for Increases in Gain on Sale Revenues at Mortgage Companies written by Craig Emrick and published by . This book was released on 2007 with total page 8 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Financial Accounting Standards Board (FASB) recently issued Statement No. 156 - Accounting for Servicing of Financial Assets, an amendment of FASB Statement No. 140 (SFAS 156) which requires, if servicing assets and liabilities are separately recognized, their initial measurement at fair value. Subsequent measurement may be at the lower of cost or market (accounting method required under old guidance) or at fair value, with changes in fair value recognized in the income statement. The fair value election for subsequent measurement is irrevocable and may be made on a class-by-class basis. This standard may be adopted currently (early adoption is as of January 1, 2006) and must be adopted for 2007.Moody's believes the standard will both positively and negatively affect the quality of the financial information creditors and fixed income investors use in their decision making. The financial statements of mortgage companies, especially the mono-line mortgage companies, are likely to be significantly impacted by the new standard due to the change to fair value measurement at initial recognition for their mortgage servicing rights (MSRs). Recent disclosures support our belief that the large mortgage companies are the most likely candidates to elect fair value treatment for subsequent measurement of servicing assets and liabilities under the new standard.
Download or read book Statement of Financial Accounting Standards No 156 written by Financial Accounting Standards Board and published by . This book was released on 2006 with total page 172 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Fair Value Measurements written by International Accounting Standards Board and published by . This book was released on 2006 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Fair Value Option for Financial Assets and Financial Liabilities written by Financial Accounting Standards Board and published by . This book was released on 2006 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Accounting and Valuation Guide written by AICPA and published by John Wiley & Sons. This book was released on 2019-09-16 with total page 619 pages. Available in PDF, EPUB and Kindle. Book excerpt: Developed for preparers of financial statements, independent auditors, and valuation specialists, this guide provides nonauthoritative guidance and illustrations regarding the accounting for and valuation of portfolio company investments held by investment companies within the scope of FASB ASC 946, Financial Services —Investment Companies, (including private equity funds, venture capital funds, hedge funds, and business development companies). It features16 case studies that can be used to reason through real situations faced by investment fund managers, valuation specialists and auditors, this guide addresses many accounting and valuation issues that have emerged over time to assist investment companies in addressing the challenges in estimating fair value of these investments, such as: Unit of account Transaction costs Calibration The impact of control and marketability Backtesting
Download or read book Audit and Accounting Guide Depository and Lending Institutions written by AICPA and published by John Wiley & Sons. This book was released on 2019-11-20 with total page 876 pages. Available in PDF, EPUB and Kindle. Book excerpt: The financial services industry is undergoing significant change. This has added challenges for institutions assessing their operations and internal controls for regulatory considerations. Updated for 2019, this industry standard resource offers comprehensive, reliable accounting implementation guidance for preparers. It offers clear and practical guidance of audit and accounting issues, and in-depth coverage of audit considerations, including controls, fraud, risk assessment, and planning and execution of the audit. Topics covered include: Transfers and servicing; Troubled debt restructurings; Financing receivables and the allowance for loan losses; and, Fair value accounting This guide also provides direction for institutions assessing their operations and internal controls for regulatory considerations as well as discussions on existing regulatory reporting matters. The financial services industry is undergoing significant change. This has added challenges for institutions assessing their operations and internal controls for regulatory considerations. Updated for 2019, this industry standard resource offers comprehensive, reliable accounting implementation guidance for preparers. It offers clear and practical guidance of audit and accounting issues, and in-depth coverage of audit considerations, including controls, fraud, risk assessment, and planning and execution of the audit. Topics covered include: Transfers and servicing; Troubled debt restructurings; Financing receivables and the allowance for loan losses; and, Fair value accounting This guide also provides direction for institutions assessing their operations and internal controls for regulatory considerations as well as discussions on existing regulatory reporting matters.
Download or read book FASB Accounting Standards Update written by and published by . This book was released on 2010 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Accounting for Transfers of Financial Assets written by Financial Accounting Standards Board and published by . This book was released on 1999 with total page 96 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Revenue Recognition written by Renee Rampulla and published by John Wiley & Sons. This book was released on 2020-09-16 with total page 262 pages. Available in PDF, EPUB and Kindle. Book excerpt: For years, revenue recognition has been the cause of audit failures and the focus of corporate abuse and fraud allegations. Today, there is FASB ASC 606, a new standard which is critical to understand before it can be successfully implemented. Supported by practical examples, industry specific real-life scenarios, and more than a dozen exercises, this work will assist you in avoiding revenue recognition traps and provide you with the latest FASB guidance. You will gain an in-depth understanding of the revenue recognition framework that is built around the core principles of this new five-step process. In addition, you will gain a better understanding of the changes in disclosure requirements. Key topics covered include: Background, purpose, and main provisions of new standard (FASB ASC 606) Transition guidance Five-step process for recognizing revenue Disclosure requirements Implementation guidance — contracts, tax matters, internal controls, IT
Download or read book Proposed Amendment to FASB Concept Statement No 6 to Revise the Definition of Liabilities written by Financial Accounting Standards Board and published by . This book was released on 2000 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Fair Value Option for Financial Assets and Financial Liabilities Including and Amendment of FASB Statement written by Financial Accounting Standards Board and published by . This book was released on 2006 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Amendment to FASB Statement No 66 Rescission of FASB Statement No 75 and Technical Corrections written by Financial Accounting Standards Board and published by . This book was released on 1998 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Intermediate Accounting Volume 1 written by Donald E. Kieso and published by John Wiley & Sons. This book was released on 2021-11-15 with total page 914 pages. Available in PDF, EPUB and Kindle. Book excerpt: Intermediate Accounting, 13th Canadian Edition has always been, and continues to be, the gold standard that helps connect students to the what, the why, and the how of accounting information. Through new edition updates, you will be able to spark efficient and effective learning and inspire and prepare students to be the accounting professionals of tomorrow. To help develop a deeper understanding of course concepts and move beyond basic understanding, students work through a high-quality assessment at varying levels, helping them learn more efficiently and create connections between topics and real-world application. This course also presents an emphasis on decision-making through Integrated Cases and Research and Analysis questions that allow students to analyze business transactions, apply both IFRS and ASPE, and explore how different accounting standards impact real companies. Throughout the course, students also work through a variety of hands-on activities including Data Analytics Problems, Analytics in Action features, Excel templates, and a new emphasis on sustainability, all within the chapter context. These applications help students develop an accounting decision-making mindset and improve the professional judgement and communication skills needed to be successful in the evolving accounting world.
Download or read book Accounting for Conditional Asset Retirement Obligations written by Financial Accounting Standards Board and published by . This book was released on 2005 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Fair Value for Financial Reporting written by Alfred M. King and published by . This book was released on 2006 with total page 334 pages. Available in PDF, EPUB and Kindle. Book excerpt: Is Purchase Price Equal to Fair Value?With the FASB changing the requirements for increasing categories of assets and liabilities to be shown at current fair value, Fair Value for Financial Reporting answers this and other pertinent questions with crystal clarity.
Download or read book Accounting discretion of banks during a financial crisis written by Mr.Luc Laeven and published by International Monetary Fund. This book was released on 2009-09-01 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper shows that banks use accounting discretion to overstate the value of distressed assets. Banks' balance sheets overvalue real estate-related assets compared to the market value of these assets, especially during the U.S. mortgage crisis. Share prices of banks with large exposure to mortgage-backed securities also react favorably to recent changes in accounting rules that relax fair-value accounting, and these banks provision less for bad loans. Furthermore, distressed banks use discretion in the classification of mortgage-backed securities to inflate their books. Our results indicate that banks' balance sheets offer a distorted view of the financial health of the banks.
Download or read book Current Text Industry Standards Topical Index Appendixes written by Financial Accounting Standards Board (FASB) and published by Wiley. This book was released on 2002-08-29 with total page 1248 pages. Available in PDF, EPUB and Kindle. Book excerpt:
