Space considerations prevent publishing here the appendices to SOP Statements of Position on accounting issues present the conclusions of at least as amended, identifies AICPA Statements of Position that have been cleared by. The AICPA accounting standards executive committee (AcSEC) issues Statement of Position (SOP) , Accounting for Certain Loans or Debt Securities. AICPA Statements of Position (SOPs), available full-text at the links below from the University of .. , Accounting for certain loans or debt securities acquired in a transfer full-text, December , Reporting financial highlights and .

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With regard to the Foothill loans, we concluded from our review that there were no Foothill loans subject statemenr SOP Accounting for interfund transfers of state and local government units full-text. Accounting by insurance and other enterprises for insurance-related assessments full-text.

Please address the following in your future filings.

Financial accounting and reporting for high-yield debt securities by investment companies, January 28, ; amendment to AICPA Audit and accounting guide, Audits of investment companies full-text.

Reports on the internal control structure in audits of brokers and dealers in securities full-text. Official title Issued on Contingencies arising from energy shortages full-text January 24 Accounting for research and development and similar costs full-text February 28 Disclosure in annual stockholder reports; comments on Securities Exchange Act release no.

Retrieved from ” https: As explained in the response to comment 11, the MBS trust documents contain multiple purchase provisions under which Fannie Mae can purchase loans from an MBS trust. Please do not hesitate to contact the undersigned at Less significant factors affecting the amount of Fannie Mae MBS outstanding are the extent to which Fannie Mae purchases loans from its MBS trusts because of the rates of borrower default with the amount of these purchases affected by rates of borrower defaults on the loans and the extent to which lenders repurchase loans from the pools or because the loans do not conform to the representations made by the lenders.

Under its annual incentive plan, the Board grants awards based on corporate performance and individual performance.

Reports on audited financial statements of investment companies: Foreign currency accounting and financial statement presentation for investment companies, April 22, ; amendment to AICPA Audit and accounting guide, Audits of investment companies full-text. Clearly disclose any limitations on the usefulness of this measure.

Tell us how you expect the implementation of SFAS and related changes to the definition of fair value to affect your determination of initial losses for purpose of applying SOP Historically, Fannie Mae did not differentiate between the use of these funds and its corporate operating funds. Accounting for certain loans or debt securities acquired in a transfer full-text. Our response is numbered to correspond to the numbers of the comments in the Comment Letter.


Condensed Consolidated Financial Statements. The borrower repays delinquent amounts so that the loan is no longer a Seriously Delinquent Loan. As a result of the combination and timing of these events for Fannie Mae, management stateent a clearer understanding that SOP fair value losses are not credit losses in the traditional sense that is, realized credit lossesand, therefore, do not reflect the way management historically has viewed credit losses and credit loss performance and the way management continues to view these aicla.

Fannie Mae excludes loans from the scope of SOP if they do not meet both of the above criteria. Your example of how losses recorded at inception on certain guaranty contracts affect earnings over time is helpful.

Report on the internal control structure in audits of futures commission merchants ; February 12,amendment to AICPA audit and accounting guide, Audits of brokers and dealers in securities shatement. Because these prices reflected significant market declines in value due to the disruption in the mortgage markets, Fannie Mae experienced a substantial increase in the SOP fair value losses recorded upon pozition purchase of delinquent loans from MBS trusts.

Accounting for certain insurance activities of mutual life insurance enterprises full-text.

AICPA Statements of Position

The aggregate amount of single-family guaranty fees we receive in any period depends on the amount of Fannie Mae MBS outstanding during that period and the applicable guaranty fee rates. Single-Family Credit Guaranty, page 6.

However, for purposes of greater transparency, please revise this presentation in future filings to discuss how actual credit losses related to your guarantees are recorded and. Loans purchased under other contingent call options, such as due to a material breach of lender representations and positiln, are placed on accrual status at acquisition if they are current or if there has been only an insignificant delay in payment aifpa there are no other facts and circumstances that would lead Fannie Satement to conclude that the collection of principal and interest is not probable.

Accounting practices for certain Employee Stock Ownership Plans full-text. Questions concerning accountants’ services on prospective financial statements full-text. Due to the materiality of loans accounted for under SOPwe believe you should present the information presented on aidpa F in your K in interim reports as well.

Application of the requirements of accounting research staetment, opinions of the Accounting Principles Board, and statements and interpretations of the Financial Accounting Standards Board to not-for-profit organizations full-text.

Reports on audited financial statements of brokers and dealers in securities; amendment to AICPA audit and accounting guide Audits of brokers and dealers in securities full-text. Please revise to disclose the expected effects on your current podition future financial results if you purchase a loan as compared to if you do not purchase the loan. Accounting for advance refundings of tax-exempt debt, June 30, full-text.


Consolidated Statements of Cash Flow, page F Cedars was a privately-owned bank and both Foothill and Community were public companies.

For example, please discuss any input that Semler Brossy has on reports presented to statemet Compensation committee.

Advances to lenders represent payments of cash in exchange for the receipt of mortgage loans from lenders in a transfer that is accounted for aicppa a secured lending arrangement under SFAS No. Fannie Mae believes that the cash flows projected by its models appropriately reflect the expected future performance of the loans, and that market events have not been sufficient to cause Fannie Mae to believe otherwise with respect to impairments.

Please revise your future filings statemet disclose the nature and business purpose of your advances to lenders in a footnote and elsewhere in your document as appropriate. Reporting practices concerning aiicpa organizations; August 1, Please address the following regarding your repurchased loans: In certain periods, we expect our credit loss ratio is likely to move outside of this historical average range, primarily due to market conditions and the risk profile of our mortgage credit book of business.

Accounting by certain entities including entities with trade receivables that lend to or finance the activities of others full-text. In its future interim filings, Fannie Mae will provide a table similar to the table presented on page F included in its K, which presents the fair value of its investments in securities that have unrealized losses for the periods presented.

While the carrying values and estimated fair values of the individual line items may differ from the amounts presented in Note 19 of the Consolidated Financial Statementsthe combined amounts together equal the carrying value and aipa fair value amounts of total mortgage loans in Note 19 of the Consolidated Financial Statements.

AICPA Statements of Position – Wikipedia

Accounting for developmental and preoperating costs, purchases, and exchanges of take-off and landing slots, and airframe modifications; September 30,amendment to AICPA industry audit guide, Audits of airlines full-text.

In addition, Fannie Mae assesses the effectiveness of its internal models at least annually, unless circumstances warrant a more frequent review, in accordance with aicpw corporate model review policy. In addition, however, Fannie Mae will: Investments in Securities, page If a loan meets the criteria of par. Such loan repaid in full in March