Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities—a replacement of FASB Statement 125

Status

Issued:
September 2000

Effective Date:
For transfers and servicing of financial assets and extinguishments of liabilities occurring after March 31, 2001, and for disclosures relating to securitization transactions and collateral for fiscal years after December 15, 2000

Affects:
Replaces APB 26, paragraph 3(a)
Replaces FAS 13, paragraph 20
Amends FAS 22, footnote 1
Amends FAS 65, paragraphs 1, 9(a), 10, 15, 34
Deletes FAS 65, paragraphs 8, 11, 16 through 19, 30, and the paragraphs added after paragraph 30 by FAS 122 and footnotes 4 and 6
Supersedes FAS 76
Supersedes FAS 77
Replaces FAS 107, paragraph 8(b)
Amends FAS 107, paragraph 28
Amends FAS 115, paragraph 7
Supersedes FAS 122
Supersedes FAS 125
Supersedes FAS 127
Amends FAS 133, paragraphs 10(f), 56, 59(e), and footnote 9
Amends FAS 136, footnote 5
Amends FIN 43, footnote 2
Supersedes FTB 84-4
Supersedes FTB 85-2
Replaces FTB 86-2, paragraph 12
Deletes FTB 87-3, paragraphs 1 through 7
Replaces FTB 87-3, paragraph 9

Affected by:
Paragraphs 2, 7, 9, 12, 27 through 30, 32, 33, 47 through 49, 51, 53 through 55, 64, 73 through 75, 80, 81, 83 through 86, 88 through 90 92, 93, 97 through 100, 103, 104, 106, 112, 113, and footnote 7 amended by FAS 166, paragraphs 4(a), 4(d), 4(h), 4(n), 4(w), 4(y), 4(z) 4(bb) through 4(dd), 4(gg), 4(hh), 4(hh), 4(hh), 4(jj), 4(pp), 4(uu), 4(uu) 4(uu), 4(ww), 4(ww), 4(ww), 4(ww), 4(xx), 4(xx), 4(xx), 4(vv), 4(yy) 4(aaa), 4(aaa), 4(bbb), 4(bbb), 4(bbb), 4(bbb), 4(ccc), 4(ddd), 4(eee) 4(fff), 4(ggg), and 4(s), respectively
Paragraph 4 amended by FAS 153, paragraph 4; FAS 156, paragraph 4(a); and FAS 166 paragraph 4(b)
Paragraph 5 amended by FAS 156, paragraph 4(b), and FAS 166 paragraph 4(c)
Paragraphs 7A through 7C, 8A, 8B, 10A, 11A, 16B through 16E, 26A through 26H, 27A, 27B, 29A, 46A, 54A, and 55A added by FAS 166 paragraphs 4(e), 4(g), 4(g), 4(j), 4(r), 4(t), 4(u), 4(v), 4(x), 4(aa), 4(ff) 4(ii), and 4(kk), respectively
Paragraphs 8, 34 through 46, 59, 66, 67, 71, 72, 79, and 342 through 349A deleted by FAS 166, paragraphs 4(f), 4(ee), 4(nn), 4(qq), 4(rr) 4(ss), 4(tt), 4(vv), and 4(hhh), respectively
Paragraph 10 amended by FAS 156, paragraph 4(c), and replaced by FAS 166, paragraph 4(i)
Paragraph 11 amended by FAS 156, paragraph 4(d), and FAS 166 paragraph 4(k)
Paragraph 11(c) amended by FAS 157, paragraph E20(a)
Paragraph 13 replaced by FAS 156, paragraph 4(e), and amended by FAS 166, paragraph 4(n)
Paragraphs 13A and 13B added by FAS 156, paragraph 4(f), and amended by FAS 166 paragraph 4(o)
Paragraph 14 amended by FAS 156, paragraph 4(g), and FAS 166, paragraph 4(p)
Paragraph 16A added by FSP FAS 140-4/FIN 46(R)-8, paragraph A1, and replaced by FAS166, paragraph 4(q)
Paragraph 17 amended by FAS 156, paragraph 4(h); FAS 157, paragraphs E20(b) and E20(c); and FAS 166, paragraph 4(s)
Paragraph 19 amended by FTB 01-1, paragraph 5
Paragraph 24 replaced by FTB 01-1, paragraph 8
Paragraphs 35(c)(2) and 40 amended by FAS 155, paragraph 5
Paragraphs 50 and 52 and footnotes 3, 6, and 9 replaced by FAS 166 paragraphs 4(hh), 4(hh), 4(k), 4(s), and 4(s), respectively
Paragraphs 56 through 58 amended by FAS 156, paragraphs 4(j) through 4(p), respectively and FAS 166, paragraphs 4(ll) through 4(nn), respectively
Paragraph 59 amended by FAS 156, paragraph 4(m)
Paragraphs 60 through 63 amended by FAS 156, paragraphs 4(n) through 4(p) and 4(r), respectively, and FAS 166, paragraphs 4(oo) and 4(pp) respectively
Paragraph 62A added by FAS 156, paragraph 4(q), and amended by FAS 166, paragraph 4(pp)
Paragraph 63(b) amended by FAS 156, paragraph 4(r), and FAS 157, paragraph E20(d)
Paragraph 65 amended by FAS 156, paragraph 4(s), and FAS 166, paragraph 4(qq)
Paragraphs 66 and 67 amended by FAS 156, paragraphs 4(t) and 4(u), respectively
Paragraphs 68 through 70 deleted by FAS 157, paragraph E20(e)
Paragraphs 72, 83(b), 87(a), and 343 through 349 amended by FAS 156, paragraphs 4(w), 4(z) and 4(bb) through 4(hh), respectively
Paragraph 76 amended by FAS 156, paragraph 4(x), and FAS 166, paragraph 4(uu)
Paragraph 82 amended by FAS 156, paragraph 4(y), and FAS 166, paragraph 4(ww)
Paragraph 87(a) amended by FAS 156, paragraph 4(aa), and FAS 166, paragraph 4(xx)
Paragraph 349A added by FAS 156, paragraph 4(ii)
Paragraph 364 amended by FAS 157, paragraph E20(f); effectively amended by FAS 159 paragraph A44; and amended by FAS 166, paragraph 4(iii)
Footnote 5a added by FSP FAS 140-4/FIN 46(R)-8, paragraph A1, and deleted by FAS 166, paragraph 4(q)
Footnote 9a added by FAS 157, paragraph E20(c), and replaced by FAS 166, paragraph 4(s)
Footnotes 10, 15 through 17, and 33 through 36 deleted by FAS 166 paragraphs 4(s), 4(dd), 4(ee), 4(hhh), 4(hhh), 4(hhh), and 4(hhh), respectively
Footnote 17 amended by FAS 156, paragraph 4(i)
Footnotes 20 and 21 amended by FAS 156, paragraph 4(v)
Footnotes 20 and 21 deleted by FAS 157, paragraph E20(e)

Other Interpretive Pronouncement:
FTB 01-1

Other Interpretive Releases:
FASB Special Report, A Guide to Implementation of Statement 140 on Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities: Questions and Answers (in Current Text Sections F35, F39, and L35)
FASB Staff Positions FAS 140-1 through FAS 140-3
FASB Staff Position FAS 140-4/FIN 46(R)-8

AICPA Accounting Standards Executive Committee (AcSEC)

Related Pronouncements:
SOP 90-3
SOP 90-7
SOP 01-6
PB 4
PB 6

Issues Discussed by FASB Emerging Issues Task Force (EITF)

Affects:
Nullifies EITF Issues No. 86-24, 86-39, 90-2, 94-9, 96-20, and 97-6 and Topics No. D-13, D-48, and D-75
Partially nullifies EITF Issues No. 84-5, 85-25, 85-40, 86-38, 87-30, 88-17, 88-22, 89-2, 89-4, 92-2 and 96-10
Resolves EITF Issues No. 84-21, 84-26, 85-26, 85-30, 85-34, 87-25, and 94-4 and Topic No. D-67
Partially resolves EITF Issues No. 84-20, 84-30, 87-18, 87-20, 87-30, 88-11, and 92-2 and Topic No. D-14

Interpreted by:
Paragraph 9 interpreted by EITF Topics No. D-51 and D-65
Paragraph 9(a) interpreted by EITF Topic No. D-94
Paragraph 10 interpreted by EITF Issue No. 98-15
Paragraph 11 interpreted by EITF Topic No. D-69
Paragraph 16 interpreted by EITF Issues No. 96-19 and 98-14
Paragraph 17 interpreted by EITF Topic No. D-65
Paragraph 17(e)(2) interpreted by EITF Topic No. D-69
Paragraphs 47 and 49 interpreted by EITF Topic No. D-65
Paragraph 55 interpreted by EITF Issue No. 02-9
Paragraph 69 interpreted by EITF Topic No. D-69

Related Issues:
EITF Issues No. 84-15, 85-13, 86-8, 86-36, 87-34, 88-18, 88-20, 90-18, 90-19, 90-21, 95-597-3, 97-14, 98-8, 99-8, 99-20, 00-9, 01-2, 02-2, 02-12, and 06-6 and Topic No. D-66


Abbreviations for Accounting Pronouncements FAS - FASB Statements
FIN - FASB Interpretations
FTB - FASB Technical Bulletins
APB - APB Opinions
AIN - AICPA Interpretations
ARB - Accounting Research Bulletins
CON - FASB Concepts
EITF - EITF Issues
Q&A - FASB Implementation Guides