Exposure Drafts, Comment Letters, and Statements of Position
Files
Download Full Text (1.4 MB)
Description
The Accounting Standards Division of the American Institute of Certified Public Accountants issued a Statement of Position on Accounting Practices in the Mortgage Banking Industry on December 30, 1974 (Statement of Position No. 74-12) outlining the Division's position on mortgage banker accounting for inventory of permanent mortgage loans held for sale and certain other accounting matters. The Division has also noted that mortgage bankers use a variety of practices in accounting for loan origination costs and loan fees and believes that it is desirable to narrow the range of those practices. The Division's recommendations with respect to accounting for origination costs and loan fees, as set forth herein, are applicable to financial statements of mortgage bankers that are intended to present financial position, results of operations or changes in financial position in conformity with generally accepted accounting principles.
Publication Date
1976
Relational Format
Book
Keywords
Mortgage banks -- Accounting
Disciplines
Accounting | Taxation
Recommended Citation
American Institute of Certified Public Accountants. Accounting Standards Task Force on Mortgage Bankers, "Accounting for origination costs and loan fees in the mortgage banking industry; Exposure draft (American Institute of Certified Public Accountants), 1976, Feb. 6" (1976). Exposure Drafts, Comment Letters, and Statements of Position. 359.
https://egrove.olemiss.edu/aicpa_sop/359
Comments
Originally published by: American Institute of Certified Public Accountants; Copyright and permission to reprint held by: American Institute of Certified Public Accountants.