Accounting for Transfers of Financial Assets Including Participations

Presenter: Alan Rich

Duration: 1 hour

Price: $249 / $199 for Affiliation Members

In June 2009, the Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards No. 166, Accounting for Transfers of Financial Assets (Statement 166).

According to this statement, each entity involved in the transaction is to recognize only the assets it controls and the liabilities it has incurred and not to recognize assets when it has fully surrendered control and not to recognize liabilities when extinguished. The good news for community banks is that the provisions of Statement 166 apply only to transactions on or after the effective date, which for most financial institutions is January 1, 2010. Note that Statement 160 is now referenced under the Accounting Standards Codification (ASC) 860 Transfers and Servicing.

With our compliments, download excerpts of an article written by our speaker Alan Rich who will discuss during the webinar, key provisions of Statement 166 and provide examples of accounting for transfers that do and do not qualify as a sale as well as:

• How to account for transfers of financial assets including sale agreements, securitizations, securities lending, factoring, and participations
• How to account for transfers of financial assets that could involve the transferor having continued involvement with the financial assets they transferred or with the transferee themselves. Continuing involvement could include but is not limited to recourse obligations, guarantees, servicing, repurchase agreements, pledges, or options
• When a sale of financial assets has occurred
• How to recognize servicing in a sale
• How to measure assets and liabilities identified in a sale

BIO: Alan Rich

Alan is a graduate of Abilene Christian University and holds a Bachelor of Business Administration degree in Accounting. Mr. Rich is a Certified Public Accountant and is a member of the American Institute of Certified Public Accountants and the Texas Society of Certified Public Accountants. Prior to joining the Firm in 1998, Mr. Rich worked almost 9 years with the international public accounting firm of KPMG Peat Marwick and as the Senior Vice President-Chief Financial Officer for CaminoReal Bank for almost 4 years. Mr. Rich's primary area of practice is focused on financial and operational audits of banks, partnerships and corporations. He brings the experience of a CFO to the practice in arriving at practical solutions to problems.

Continuing Professional Education Credit

Delivery Method: Group Internet-based       CPE Credits: 1
Program Level: Overview       Prerequisites: None       Advance Preparation: None

 

Sheshunoff Consulting + Solutions is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN, 37219-2417. Web site: www.nasbatools.com.

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