4.1 General
ASC 860-20
05-1 This Subtopic
provides guidance on the accounting for a transfer of financial
assets that satisfies the conditions for sale accounting in
paragraph 860-10-40-5 and the accounting if a transferor regains
control of assets previously sold.
Overall Guidance
15-1 This Subtopic
follows the same Scope and Scope Exceptions as outlined in the
Overall Subtopic, see Section 860-10-15.
ASC 860-20 provides guidance on the transferor’s (1) accounting for a sale of financial
assets, (2) rerecognition of financial assets previously considered sold, and (3)
disclosures related to sales of financial assets when the transferor has continuing
involvement in the transferred financial assets. In addition, ASC 860-20 discusses the
transferee’s accounting in situations in which a transferor accounts for a sale of
financial assets or rerecognizes financial assets previously considered sold.