Technical Bulletin Published by FASB.Technical Bulletin No. 01-1, Effective Date for Certain Financial Institutions of Certain Provisions of Statement 140 Related to the Isolation of Transferred Financial Assets Financial assets Claims on real assets. , has been published by the Financial Accounting Standards Board Financial Accounting Standards Board (FASB) Board composed of independent members who create and interpret Generally Accepted Accounting Principles (GAAP). . The Technical Bulletin defers, until 2002, application of the isolation standards of Statement 140, as clarified in staff guidance published in Apr. of this year, to banks and certain other financial institutions. Those institutions also will be allowed up to five years of additional transition time for transfers of assets to certain securitization Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors. Notes: Mortgage backed securities are a perfect example of securitization. May also be spelled as "securitisation. master trusts. That additional transition time applies only if all beneficial interests issued to investors after July 23, 2001, permit the changes in structure necessary to comply with those isolation standards. The publication may be obtained by placing an order through the FASB FASB See: Financial Accounting Standards Board FASB See Financial Accounting Standards Board (FASB). Web site, www.fasb.org, or by calling the FASB's Order Department at 800/748-0659. |
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