Course Information

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Accounting for Transfers of Financial Assets
Author: Steven C. Fustolo, CPA

Description:
In June of 2009, FASB issued FAS 166 (now codified as part of ASC Topic 860), Accounting for Transfers of Financial Assets: an Amendment of FASB Statement No. 140, in order to make changes to the accounting by a reporting entity for the transfer of financial assets and liabilities, including the effects of a transfer on its financial position, financial performance, and cash flows; and a transferor's continuing involvement in transferred financial assets.

This course explains the changes made as a result of this Statement, and is designed to assist accounting practitioners in putting these principles into practice.

Upon completion of this course, the user will be able to:

  • Describe the scope of FASB 166 (ASC Topic 860)
  • List what is required in order for the transfer of a financial asset to be accounted for as a sale
  • Identify what constitutes an entire financial asset
  • Explain the accounting required for different situations described in ASC Topic 860
  • Describe the objectives for the disclosure requirements of ASC Topic 860
  • Explain how to determine whether to aggregate disclosures for multiple transfers of financial assets

Course Details:
Price:  $32.00
Field of Study:  Accounting
Prerequisites:  None
Level:  Overview
Advanced Preparation:  None
Course was last updated on:  07/28/10
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Library:
Learning Center Core

Technical Requirements:
To view and print downloadable content files available in this program, you will need Adobe Acrobat Reader. You can download the free Reader plugin at Adobe's website by clicking on the icon below, then following the instructions for installation on your computer.
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Credit Available For: Units
CPE 2.0 CPE
QAS 2.0 CPE

Note: Recommended CPE credit is based on a 50-minute hour. Participants earning credits for states that require self-study to be based on a 100-minute hour will receive half the recommended CPE credits for successful completion of this course.

Since Continuing Professional Education requirements vary from state to state and are subject to change without notice, please contact your state board of accountancy for information on your CPE requirements and the applicability of this course to meet those specifications.

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