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This chapter discusses the accounting for servicing rights. Servicing is the contractual right to service or administer many of the functions associated with a financial asset.
ASC 860 requires all servicing assets and liabilities to be initially measured at fair value but allows either fair value accounting or an amortization method on day two. If fair value accounting is elected, ASC 860 accomplishes symmetric accounting at fair value for both servicing assets and liabilities and any financial instruments used to mitigate or hedge their risk.
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