Capital Markets Accounting Developments
- Topics:
- Financial Research
- Tags:
- Auditing,
- FDIC,
- Interpretation
- Source:
- PricewaterhouseCoopers
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Overview: The Audit Issues Task Force of the Auditing Standards Board issues auditing interpretation for FAS 140. The interpretation was issued as a replacement for, rather than an amendment of, the existing interpretation. The primary change to the interpretation was the removal of the scope exception that exempted FDIC insured institutions from the prior interpretation. Under the new interpretation, auditors of FDIC insured institutions are required to obtain legal opinions to evaluate management's assertion regarding isolation, similar to that done for entities subject to bankruptcy. In this regard, the new interpretation provides examples of conclusions in a legal opinion that would provide persuasive evidence to support management's assertions for a transfer of financial assets by an FDIC insured institution.
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Format: PDF | Size: 83KB | Date: Dec 2001 | Pages: 21
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