Through paragraph-by-paragraph interpretations of FASB Statements No. 140 and 125, this publication offers comprehensive guidance on accounting for transactions that deal with financial assets and liabilities. Almost every business has transactions governed by these statements.

Accounting for sales, transfers, and servicing of financial assets and extinguishments of liabilities can be simple or complex. Transactions covered in this publication include: · Collateralized borrowing · Purchases or sales of receivables, loans, and securities · Consolidation policies for special-purpose entities · Loan syndications and participations · Securities lending · Debt extinguishments and refinancing · Wash sales

Discussion of additional literature, such as FASB Statement No. 150 and FASB Interpretation No. 46, is included where relevant. Accounting professionals will find the up-to-date guidance they need in the pages of this publication.

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