Codification Chapter 7 - PROFESSIONAL RESEARCH: FASB...

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Unformatted text preview: PROFESSIONAL RESEARCH: FASB CODIFICATION (a) Transfer of receivables is addressed in FASB ASC 860-10: Codification String: Broad Transactions > 860 Transfers and Servicing > 10 Overall > 05 Background > The predecessor literature can be accessed by clicking on “Printer-Friendly with sources” and the retrieve the previous standard at www.fasb.org/st/ The previous statement that addressed transfers of receivables: Statement of Financial Accounting Standards No. 140, Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities (September 2000). (b) The objectives associated with transfers: (FASB ASC 860-10-10) 10-1 An objective in accounting for transfers of financial assets is for each entity that is a party to the transaction to recognize only assets it controls and liabilities it has incurred, to derecognize assets only when control has been surrendered, and to derecognize liabilities only when they have been extinguished. For example, if a transferor...
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Codification Chapter 7 - PROFESSIONAL RESEARCH: FASB...

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