BC34. The Board eventually determined not to change The present advice over the substantially-the-same situation inside helpful Management. The Board pointed out the Original target in the undertaking leading to this Update was the accounting for repurchase-to-maturity transactions and repurchase settlement disclosures and the priority is to address the considerations that led the Board to undertake the task.
Repurchase agreements and securities lending transactions—assets which can be identical. The subsequent illustrates agreements for which the transferor maintains effective control over the transferred economical asset:
In a securities lending transaction, the securities lender (transferor) recognizes on its stability sheet securities gained as collateral that it could market or repledge.
During the context of the secured borrowing accounting model, Mr. Linsmeier supports the requirement In this particular Update that transferors disclose a disaggregation of your gross repurchase obligation by course of collateral pledged for repurchase agreements, securities lending transactions, and repurchase-to-maturity transactions to aid end users of economic statements superior understand the quality of the collateral pledged below People agreements.
BC27. Most respondents on the proposed Update agreed with the proposed amendments to change the repurchase financing assistance and call for individual accounting for an First transfer plus a associated repurchase financing. Respondents who supported this variation observed that different accounting would more accurately reflect the economics from the agreements and could be per just how an entity manages the varied threats arising from expense routines.
BC50. Moreover, the Board made a decision to exclude from this disclosure transfers of monetary belongings which might be accounted for as sales given that they are considered not to fulfill the significantly-the-exact same assessment in accordance with paragraph 860-10-40-24(a). The Board observed the scope on the disclosure, which captures transactions that retain considerably most of the publicity to your financial return over the transferred economical asset, is analogous to the Evaluation that has to be carried out under the substantially-the-exact same evaluation for certain types of transfers.
This criterion shall not be circumvented by embedding off-marketplace phrases in the independent transaction contemplated Together with the Preliminary transfer or maybe the repurchase funding.
A repurchase settlement in which the settlement day of your settlement to repurchase a transferred economical asset is at the maturity day of that economical asset as well as arrangement would not call for the transferor to reacquire the fiscal asset.
BC43. Present-day U.S. GAAP calls for separate reporting from the statement of economic posture of economic belongings which have been pledged in repurchase agreements along with other transactions by which the transferee has the right to market or repledge the financial property. An entity is needed to reveal the carrying quantity and classification of any property pledged as collateral that aren't reclassified and independently reported while in the assertion of monetary position, in conjunction with related liabilities.
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fiscal asset to the transferee (repo counterparty or reverse party) in exchange for cash and concurrently agrees to reacquire that