Project Update
Transfers and Servicing—Repurchase Agreements
Last updated on June 16, 2011.
(Updated sections are indicated with an asterisk *)
The staff has prepared this summary of Board decisions for information purposes only. Those Board decisions are tentative and do not change current accounting. Official positions of the FASB are determined only after extensive due process and deliberations.
Project Objective
*Due Process Documents
*Decisions Reached at Last Meeting
*Summary of Decisions Reached to Date
*Next Steps
Board/Other Public Meeting Dates
Background Information
Contact Information
Project Objective
The objective of this project is to improve the accounting for repurchase transactions by amending the “effective control” criteria for transactions involving repurchase agreements and other agreements that both entitle and obligate the transferor to repurchase or redeem financial assets before their maturity within Topic 860, Transfers and Servicing.*Due Process Documents
On April 29, 2010, the Boards completed this project with the issuance Accounting Standards Update No. 2011-03, Transfers and Servicing (Topic 860) Reconsideration of Effective Control for Repurchase Agreements.
- Download Update 2011-03
- View Comment Letters
Please see minutes below.
*Summary of Decisions Reached to Date
Please see Accounting Standards Update No. 2011-03.
*Next Steps
None.
Board/Other Public Meeting Dates
The Board meeting minutes are provided for the information and convenience of constituents who want to follow the Board’s deliberations. All of the conclusions reported are tentative and may be changed at future Board meetings. Decisions become final only after a formal written ballot to issue a final standard.
| March 22, 2011 | Board Meeting—Redeliberations |
| October 6, 2010 | Board Meeting—Collateral Maintenance Provision |
| July 28, 2010 | Board Meeting—Agenda Decision |
Background Information
The existing guidance for repurchase transactions includes a provision requiring the transferor to maintain cash or collateral sufficient to fund substantially all of the cost of purchasing replacement financial assets from others. This project will consider the importance of the “cash collateral” provision and whether it should be removed from the current guidance. Although this is not a joint project with the IASB, the Board intends to consider how the proposed improvements are similar to or different from IFRS.
Contact Information
Shayne Kuhaneck
Assistant Project Manager
skuhaneck@fasb.org
Holly Barker
Project Manager
hhbarker@fasb.org
Scott Raichilson
Postgraduate Technical Assistant
sraichilson@fasb.org