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A transfer of financial assets qualifies for sale accounting if the transferor (including all entities in the transferor’s consolidated financial statements) has surrendered control over the transferred financial assets. That is, if the transfer meets the derecognition criteria in ASC 860, Transfers and Servicing. This chapter discusses the accounting for a transfer of financial assets that qualifies for sale accounting. The transfer can be of an entire financial asset, a group of entire financial assets, or a participating interest in an entire financial asset.
See TS 3 for information on the application of the sale accounting criteria in ASC 860-10-40-5, including Figure TS 3-1 in TS 3.2, which provides a decision tree for applying ASC 860. See TS 5 for information on accounting for transfers of financial assets required to be reported as secured borrowings.

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