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Journal entry — FASB adds project to its agenda to address repurchase transactions

Published on: Jul 30, 2010

On July 28, the FASB decided to add a limited-scope project to amend ASC Topic 860, Transfers and Servicing. This project is intended to improve the accounting for transactions in which an entity transfers a financial asset and, as part of the transfer, enters into an agreement that both entitles and obligates the entity to repurchase the asset before its maturity. Such transactions are commonly referred to as “repurchase transactions” or “repos.”

Although this will not be a joint project with the IASB, the FASB indicated that it would consider whether, and to what extent, any proposed amendments to Topic 860 would be similar to, or different from, IFRS.

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