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Accounting 301 Paper #1

In: Business and Management

Submitted By sprintinglobbys
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FASB Codification Research Assignment The codification for the transfer of receivables can be found in the FASB Accounting Standards Codification in, section Broad Transactions-> 860 Transfers and Servicing-> 10 Overall-> 05 Overview and Background. The document states that the material provided is to be used as a guidance and a tool to gain understanding, and does not provide the historical background or the due process or summarize the accounting and reporting requirements. The last change to be made to this topic was in June 12, 2015. The amendment was made so that the terms would be made easy to understand. The amendment will have no significant bearing on the current accounting practice. In today’s day and age, words have many meanings, and depending how they are used can define something differently than its intention. In the world of accounting there’s no exception. Some of the words/terms can be mundane and easily understandable, others can be technical and would need more knowledge to comprehend. The terms that are needed to understand the document are: transfer, recourse, and collateral. In addition to that: transferee, transferor, factoring, transfer of receivables with recourse, and securitization. The definitions can be found in Broad Transactions-> 860 Transfers and Servicing-> 10 Overall-> 20 Glossary-> 05 Overview and Background. * Transfer: the transmission of a noncash financial asset by and to somebody other than the owner of the financial asset. Includes: selling receivable, placing a receivable in a securitization trust, and posting a receivable as collateral. Does not include: origin or settlement of receivable, or the restructuring of a receivable into a security in a debt restructuring. * Recourse: is the right of a transferee of receivables to receive payment from the owner of the receivables (transferor) in…...

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