Handbooks | September 2021

 

Insight

Handbook: Transfers and servicing of financial assets

KPMG in-depth guide to accounting for transfers and servicing of financial assets under ASC 860.

Mark Northan

Mark Northan

Partner, Dept. of Professional Practice, KPMG US

+1 212-954-6927

Lisa Blackburn

Lisa Blackburn

Executive Director, Dept. of Professional Practice, KPMG US

Danielle Imperiale

Danielle Imperiale

Executive Director, Dept. of Professional Practice, KPMG US

+1 212-954-3866


Our new in-depth guide explains how to account for transfers of financial assets, using Q&As and examples to address common questions and transactions we see in practice.

Applicability

  • All entities with transfers of financial assets

Relevant dates

  • Effective immediately

Key impacts

This handbook:

  • Uses a step-by-step approach for determining whether to account for a transfer of a financial asset as a sale or secured borrowing.
  • Provides guidance about accounting for sales and secured borrowings.
  • Provides guidance about accounting for servicing rights, including whether to account for a transfer of a servicing right as a sale.

Report contents

  • Scope
  • Sale criteria: Overview
  • Sale criterion: Legal isolation
  • Sale criterion: Actual control
  • Sale criterion: Effective control
  • Sales
  • Secured borrowings
  • Special topics
  • Servicing assets and liabilities
  • Disclosures

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