FASB: Status of Statement 156

Status of Statement No. 156

Accounting for Servicing of Financial Assets—an amendment of FASB Statement No. 140

Status

Issued: March 2006

Effective Date:
As of the beginning of an entity’s first fiscal year that begins after September 15, 2006

Affects:
Amends FAS 133, paragraph 56 and footnote 9
Amends FAS 140, paragraphs 4, 5, 10, 11, 14, 17, 56 through 63, 65 through 67, 72, 76, 82, 83(b), 87(a), and 343 through 349 and footnotes 17, 20, and 21
Replaces FAS 140, paragraph 13
Amends FAS 140 by adding paragraphs 13A, 13B, 62A, and 349A
Effectively amends FIN 45, footnote 3
Effectively amends FIN 46(R), paragraph B26
Amends FTB 87-3, paragraphs 9 and 10
Effectively amends FSP FAS140-1

Affected by:
Paragraph 3(c) deleted by FAS 157, paragraph E27
Paragraph B1 amended by FAS 162, paragraph B7||

Issues Discussed by FASB Emerging Issues Task Force (EITF)

Affects:
Nullifies EITF Issue No. 88-11

Interpreted by:
No EITF Issues

Related Issues:
EITF Issues No. 85-13, 87-34, 88-22, 89-2, 90-18, 90-21, 92-2, 02-9, and 02-12 and Topic No. D-69


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||Note: Amendments as a result of FAS 162 are effective 60 days following the SEC’s approval of the PCAOB’s amendments to AU Section 411, The Meaning of Present Fairly in Conformity With Generally Accepted Accounting Principles.


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