AICPA STATEMENT OF POSITION 03-3 PDF

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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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Clearly describe how loans that are initially placed on nonaccrual status are returned to accrual status.

Reports on the internal control structure in audits of brokers and dealers posiyion securities full-text. The change has the effect of increasing the ratios slightly compared with the presentation included in the Third Quarter Form Q. Attest engagements on greenhouse gas emissions information full-text.

AICPA Statements of Position – Wikipedia

Contingencies arising from energy shortages full-text. Tell us how you determined your kf was appropriate under the guidance of SOP Accounting for costs to sell and rent, and initial rental operations of, real estate projects full-text.

As noted in response to comment Cedars was a privately-owned bank and both Foothill stxtement Community were public companies. However, the following disclosure on page appears to focus on qualitative results and subjective analysis by the Committee.

Under its annual incentive plan, the Board grants awards based on corporate performance and individual performance.

Fannie Mae believes oosition this additional disclosure in the consolidated statements of cash flows will provide increased transparency as to the movement of loans. Accounting for the costs of computer software developed or obtained for internal use full-text. As a result of the combination and timing of these events for Fannie Mae, management gained a clearer understanding that SOP fair value losses are not credit losses in the traditional sense that is, realized credit lossesand, therefore, do not 03–3 the way management historically has viewed credit losses and credit loss performance and the way management continues to view these items.

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Discuss the apparent reasons for the disparity between the market estimate for loss and your internal estimates of loss, and discuss the trends experienced in this area. Accounting for interfund transfers of state and local government units full-text. Accounting sttatement real estate syndication income full-text. The scope criterion in paragraph. Accounting for certain insurance activities of mutual life insurance enterprises full-text.

AICPA Statements of Position

Disclose the reasons and triggers for loan transfers between the two classifications. Performing agreed-upon procedures engagements that address the completeness, accuracy, or consistency of XBRL-tagged data. Accounting practices for certain Employee Stock Ownership Plans full-text.

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. Please revise to more clearly disclose the reasons you believe your presentation of adjusted credit losses provides useful information to investors. Tell us whether you make any adjustments to the Guarantee Obligation or the Reserve for Guaranty Losses when loans are repurchased from the securitization trusts.

Discuss the typical timing of returning the loan to accrual status. If a loan meets the criteria of par.

Fannie Mae may not assert Staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States. While the carrying values and estimated fair values of the individual line items may differ from the amounts presented in Note 19 of the Consolidated Financial Statementsthe combined amounts together equal the carrying value and estimated fair value amounts of total mortgage loans in Note 19 of the Consolidated Financial Statements.

Auditor’s reporting on statutory financial statements of insurance enterprises; supersedes Statement of positionReports on audited financial statements of property and liability insurance companies, and amends AICPA audit and accounting guide, Audits of property and liability insurance companies, and AICPA industry audit guide, Audits of stock life insurance companies full-text.

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Reports on audited financial statements of investment companies: Rather, Fannie Mae bases the decision to place a loan on accrual. 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.

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. It is probable at acquisition that Fannie Mae will be unable to collect all required payments receivable in accordance with their contractual terms. 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.

Accordingly, to the extent the funds were invested, Fannie Mae believes that interest income is the appropriate classification for these amounts during these periods. In connection with our response above, we acknowledge that: Our response is numbered to correspond to the numbers of the comments in the Comment Letter. Nonaccrual and impaired loans 1. Determination, disclosure, and financial statement presentation of income, capital gainand return of capital distributions by investment companies, February 1, ; amendment to AICPA audit and accounting guide, Audits of investment companies full-text.

Specifically, Fannie Mae has concluded that when a loan becomes a Seriously Delinquent Loan, the collection of principal and interest is no longer probable.