AICPA STATEMENT OF POSITION 03-3 PDF
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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Auditor’s consideration of regulatory risk-based capital for life insurance enterprises full-text.
Disclose in future filings how you determine when to return a repurchased loan to accrual status and what information is used. Accountants’ services sstatement prospective financial statements for internal use only and partial presentations full-text. Further, tell us how you determined that it is appropriate to state that you are still within the normal historical average range of 4 to 6 basis points if your ratio would be significantly in excess of 4 to 6 basis points under your former methodology of calculating the ratio.
The aggregate amount of single-family guaranty fees we receive in any period depends on the amount of Fannie Mae MBS outstanding during positiin period and the applicable guaranty fee rates. Performing agreed-upon procedures engagements that address annual claims prompt payment reports as required by the New Jersey Administrative Code full-text. Financial accounting and reporting statemfnt investment companies, April 15, full-text.
In most cases, if the loan had previously been transferred with recourse, the seller should already have recognized an associated liability for the recourse obligation in accordance with FAS 5, Accounting for Contingencies and FASAccounting for Transfers and Servicing of Financial. Accounting for title insurance companies full-text. Please revise to disclose how you determine the comparative cost of holding the nonperforming loan in your mortgage portfolio. Report on the internal control structure in audits of futures commission merchants ; February 12,amendment to AICPA audit and accounting guide, Audits of brokers and dealers in securities full-text.
Tell us how you determined your approach was appropriate under the guidance of SOP Nonaccrual and impaired loans 1. Clearly describe how loans that are initially placed on nonaccrual status are returned to accrual status. Therefore, Fannie Mae began obtaining indicative market prices during July from large, experienced dealers and used an average of these market prices to estimate the initial fair value of delinquent loans purchased from MBS trusts. Clearly disclose any limitations on the usefulness of this measure.
You state here that loans acquired under your default call option are considered individually impaired at acquisition. Consolidated Balance Sheet, page F Because these prices reflected significant market declines in value due to the disruption in the mortgage markets, Fannie Mae experienced a substantial increase in the SOP fair value losses recorded upon the purchase of delinquent loans from MBS trusts.
Financial highlights of separate accounts: Accounting for advance refundings of tax-exempt debt, June 30, full-text. Under the trust documents for MBS trusts that hold pools of loans and include a Fannie Mae guaranty, Fannie Mae has the option, but not the obligation 1to purchase from those trusts loans that are delinquent, in whole or in part, as to at least four consecutive monthly payments.
Accordingly, this activity is reflected as a non-cash transfer in the consolidated statement of cash flows, if material. Fannie Mae classifies a multifamily mortgage loan as a Seriously Delinquent Loan if the loan is 60 days or more past due.
Accounting practices in the mortgage banking industry full-text. This presentation provides transparency into the components of the fair value of the mortgage loans associated with the activities of our guaranty business es activities and the components of our capital markets business activities, which is consistent with the way we manage risks and allocate revenues and expenses for segment reporting purposes.
In future filings, please clearly disclose in your annual and interim footnotes how you determine the market estimate of loss.
AICPA Statements of Position
Reporting on required supplementary information accompanying compiled or reviewed financial statements of common interest realty associations, April 23, ; amendment to AICPA audit and accounting guide, Common interest realty associations full-text. Audits of stock life insurance companies full-text. In future filings, clearly revise to describe how the nonaccrual status affects the accretion recorded under SOP For each of the periods presented, please revise to separately stwtement the amount of loans purchased pf a MBS trust that were purchased at your option and the amount that were required to be purchased.
Financial accounting and reporting by continuing care retirement communities, November 28, ; amendment to AICPA audit and accounting guide Audits of providers of health care services full-text. 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 SOP fair value losses will not adjust when that portion of the SOP loss is recovered.
Accounting for certain insurance activities of mutual life positionn enterprises full-text.
Positin may be greater than those actually realized. Accordingly, to the extent the funds were invested, Fannie Mae believes that interest income is the appropriate classification for these amounts during these periods.
AICPA Statements of Position – Wikipedia
Fannie Mae does not calculate fair value using the lower of the market estimate and internal estimates of loss. Fannie Mae does not use market estimates in determining whether a loan should be placed on or returned to accrual status.
Revenue recognition when right of return exists. Fannie Mae will revise its disclosure in future filings to describe positioh instructions given to and the engagement of Johnson Associates and Semler Brossy. If so, tell how. Accounting for joint costs of informational materials and activities of not-for-profit organizations that include a fund-raising appeal full-text.
Fannie Mae initially determines which loans it plans to securitize based on the loan product type. Amendment to scope of Statement of positionFinancial reporting by nonpublic investment partnerships, to include commodity pools full-text.
In that context, Fannie Mae primarily relies upon the delinquency status of the loan to determine if this criterion has been met.