FASB: Status of Statement 140

Status of Statement No. 140

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:
Paragraph 4 amended by FAS 153, paragraph 4, and FAS 156, paragraph 4(a)
Paragraphs 5, 10, and 11 amended by FAS 156, paragraphs 4(b) through 4(d), respectively
Paragraph 11(c) amended by FAS 157, paragraph E20(a)
Paragraph 13 replaced by FAS 156, paragraph 4(e)
Paragraphs 13A and 13B added by FAS 156, paragraph 4(f)
Paragraph 14 amended by FAS 156, paragraph 4(g)
Paragraph 17 amended by FAS 156, paragraph 4(h), and FAS 157, paragraphs E20(b) and E20(c)
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 56 through 62 amended by FAS 156, paragraphs 4(j) through 4(p), respectively
Paragraph 62A added by FAS 156, paragraph 4(q)
Paragraphs 63 and 65 through 67 amended by FAS 156, paragraphs 4(r) through 4(u), respectively
Paragraph 63(b) amended by FAS 156, paragraph 4(r), and FAS 157, paragraph E20(d)
Paragraphs 68 through 70 deleted by FAS 157, paragraph E20(e)
Paragraphs 72, 76, 82, 83(b), 87(a), and 343 through 349 amended by FAS 156, paragraphs 4(w) through 4(hh), respectively
Paragraph 349A added by FAS 156, paragraph 4(ii)
Paragraph 364 amended by FAS 157, paragraph E20(f), and effectively amended by FAS 159, paragraph A44
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 FAS140-1 through FAS 140-3

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, 88-17, 90-2, 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, 95-5, 97-3, 97-14, 98-8, 99-8, 99-20, 00-9, 01-2, 02-2, 02-12, and 06-6 and Topics No. D-63 and 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

Additional Details