This guide provides comprehensive guidance on transfers and servicing of financial assets, including securitizations, repurchase (repo) and reverse repurchase transactions, and more. We also explain the principal guidance on such transactions, contained in ASC 860, Transfers and Servicing. ASC 860 prescribes the conditions that a transfer must satisfy to allow the transferor to record a sale and derecognize a financial asset from its balance sheet. The guidance in ASC 860 addresses not only the transferor’s accounting, but also informs the corresponding accounting by the transferee.
To help you navigate this PwC guide, all references within the Transfers and servicing of financial assets guide and to other PwC guides are linked and will take you directly to the referenced guidance.
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