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22.2 Scope and relevant guidance
Publication date: 12 Nov 2019
us Financial statement presentation guide
ASC 860 is the principal source of authoritative guidance for evaluating the financial reporting and disclosure implications of transfers of financial assets within its scope. Servicers of financial assets must also consider the financial statement presentation and disclosure requirements in ASC 860 that apply to recognized servicing assets and liabilities.
Also highlighted in the chapter are the presentation and disclosure requirements for SEC registrants in Rule 4-08(b) and Rule 4-08(m) of Regulation S-X, which deal with collateralized financing activities (principally transactions involving repurchase or reverse repurchase agreements).
Further, S-X 9-03 includes guidance on banks’ presentation of receivables and payables arising from resale and repurchase agreements accounted for as secured financings.
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