The Financial Accounting Standards Board has issued final guidance on transfers of financial assets and repurchase financing, which should have an impact on the mortgage and real estate investment trust industry.
FASB Staff Position 140-3, "Accounting for Transfers of Financial Assets and Repurchase Financing Transactions" clarifies FASB Statement No. 140, "Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities," which provides accounting and reporting standards for transfers of financial assets.
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