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Heads Up: FASB Amends Guidance on Servicing of Financial Assets

Servicing Gets a Tune Up


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Vol. 13, Issue 2

Mortgage bankers and other entities that service financial assets take note:  last week, the FASB issued Statement No. 156, Accounting for Servicing of Financial Assets — an amendment of FASB Statement No. 140. Statement 156 (the Standard) may be adopted as early as January 1, 2006, for calendar year-end entities, provided that no interim financial statements have been issued. Those not choosing to early adopt are required to apply the provisions as of the beginning of the first fiscal year that begins after September 15, 2006 (e.g., January 1, 2007, for calendar year-end entities). Key concepts of Statement 156 are summarized in the attached Heads Up.

Read more in the file attached below , or visit the Heads Up Archive  for past issues.

Heads Up
 and other information on accounting and financial disclosure also can be found on  Deloitte Accounting Research Tool (DART) . DART, a subscription-based research tool, includes material from the Financial Accounting Standards Board (FASB), Emerging Issues Task Force (EITF), American Institute of Certified Public Accountants (AICPA), SEC, International Accounting Standards Board (IASB) and our own accounting manual and interpretative accounting guidance. Updated every business day, DART has an intuitive design and navigation system. Powerful search features enable users to locate information quickly, at any time and from any computer. DART subscribers receive periodic emails highlighting recent additions to the DART library.  Read more about DART.

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