FASB Statement No. 166, Accounting for Transfers of Financial Assets--an amendment of FAS-140

October 2009
GAAP Update Service;10/30/20009, Vol. 9 Issue 20, p1
Trade Publication
The article focuses on the issuance of the Financial Accounting Standard (FAS) Statement No. 166 "Accounting for Transfers of Financial Assets�an amendment of FAS-140" by the FAS Board (FASB) in the U.S. It states that FAS-166 amends the Statement 140 "Accounting for Transfers and Servicing of Financial Assets (FAS-140)" and removes the concept of qualifying special-purpose entity (SPE). An overview of the objectives of FAS-166 and the provisions of its amendment is presented.


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