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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Please revise to disclose these triggers. Please disclose in future filings how you determine the fair value of the loan at the time of purchase. We note that in the Q1-Q3 Q Investor Summary you disclose that fair value is based upon an assessment of what a third party would pay for such seriously delinquent loans, given current market conditions. Therefore, loans that are acquired when they are Seriously Delinquent Loans are placed on nonaccrual status. If a loan that is purchased from a trust is not a Seriously Delinquent Loan, Fannie Mae considers relevant facts and circumstances to determine whether it is probable, at acquisition, that Fannie Mae will be unable to collect all amounts due according to the contractual terms of the loan.

Fannie Mae confirms that loans that have been purchased by Fannie Mae from an MBS trust in its capacity as guarantor are individually evaluated in accordance with paragraph.

In other cases, the transfers are of loans that the lender has the unilateral ability to repurchase from us. Performing agreed-upon procedures engagements that address annual claims prompt payment reports as required by the New Jersey Administrative Code full-text.

AICPA Statements of Position

Fannie Mae has concluded that individual loan purchases fall within the scope of SOP if:. Accordingly, Fannie Mae considers several factors in addition to comparative economic cost when determining whether or not to purchase nonperforming loans from its MBS trusts, including its regulatory capital requirements.

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. Except for purchases triggered sicpa initial representations and warranty deficiencies, positioon is likely that the repurchased loan would meet the criteria to be included in the scope of the SOP.

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Specifically discuss the extent to which a loss at the inception of a guaranty contract reflects the likelihood of credit losses on that contract. Otherwise, tell us how you determined this was not appropriate. Our response is numbered to correspond to the numbers of the comments in the Comment Letter. Accounting by cable television companies full-text. Fannie Mae believes that this additional disclosure in the consolidated statements of cash flows will provide increased transparency as to the movement of loans.

Discuss xtatement typical timing of returning statemnet loan to accrual status. Please do not hesitate to contact the undersigned at Specifically tell us how each of the following factors impact your determination: This page was last edited on 29 Julyat Accounting and reporting by insurance enterprises for certain nontraditional long-duration insurance contracts and for separate accounts full-text. Financial reporting by nonpublic investment tsatement full-text.

We initially classify as HFS loans that have product types that we actively securitize from our portfolio, such as year fixed rate mortgages, because we have the intent, at acquisition, to securitize the loans either during the month in which the acquisition occurs or during the following month and sell all or a portion of the resulting securities. Contingencies arising from energy shortages full-text.

Grants of Plan Based Awards, page Disclosure in annual stockholder reports; comments on Securities Exchange Act release no.

See response to comment Accounting principles and reporting practices for certain nonprofit aicpx full-text. Accordingly, the expanded example would address recording amounts in the Reserve for guaranty losses, the upfront loss at the purchase of the loan when applying SOPand the credit loss recorded in your Allowance for loan losses.

When these other factors provide evidence of credit deterioration, Fannie Mae concludes that the first SOP scope criterion has been met. 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?

However, the following disclosure on page appears to focus on qualitative results and subjective analysis by the Committee. Official title Issued on Contingencies arising from energy shortages full-text January 24 Accounting for research and alcpa and similar costs full-text February 28 Disclosure in annual stockholder reports; comments on Securities Exchange Act release no. Conceptual framework for accounting and reporting full-text.

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Accordingly, Fannie Mae excluded SOP fair value losses from its total credit losses and its credit loss ratio. Disclosure of certain information by financial institutions about debt securities held as assets, November 30, ; amendment to AICPA audit and accounting guides Audits of positkon, Audits of credit unions, Audits of finance companies including independent and captive financing activities of other companiesAudits aocpa property and liability insurance companies, Savings and loan associations, and Audits of stock life insurance companies full-text.

Accounting by participating mortgage loan borrowers full-text. For purposes of greater transparency, please revise your future annual and interim filings to. As a result of this extreme disruption in the mortgage markets, Fannie Mae concluded that its model-based estimates of fair value for delinquent loans were no longer aligned with the market prices for these loans.

AICPA Statements of Position – Wikipedia

Accounting and financial reporting for personal financial statements; an amendment to AICPA industry audit guide, Audits of personal financial statements full-text. Audits of not-for-profit organizations receiving federal awards; amendment to AICPA audit and accounting guides, Audits of providers pf health care services, Audits of voluntary health and welfare organizations, Audits of colleges and universities, and Audits of certain nonprofit organizations full-text.

Please revise your future filings to discuss the extent to which you update your internal models for estimating cash flows expected xtatement a loan. To the extent you use market estimates in lieu of your internal estimates to determine the amount of an initial loss on acquisition of a loan, but then immediately or soon thereafter return the loan to accrual status based on your internal estimates, please tell us how you determined that was consistent and appropriate.

Identify how often you update these models and posiyion these models take into account your increased delinquency rates.

Single-Family Credit Guaranty, page 6. Please clarify how performance is measured for all material elements of aidpa compensation.