Heads Up: FASB Amends Guidance on Servicing of Financial Assets
Servicing Gets a Tune Up
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.
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