Statements of Position

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Description

Statement of Position (SOP) 92-3, Accounting for Foreclosed Assets, deals with the measurement of foreclosed assets after foreclosure. This proposed SOP provides guidance on accounting for the results of operations of foreclosed assets held for sale. It applies to all reporting entities except those that account for assets at fair value. It applies to all assets obtained through foreclosure that are considered held for sale, except for inventories, marketable equity securities, and real estate previously owned by the lender and accounted for under FASB Statement No. 67, Accounting for Costs and Initial Rental Operations of Real Estate Projects. It does not apply to in-substance-foreclosed assets. This proposed SOP recommends the following: 1. Depreciation expense should be recognized on depreciable foreclosed assets held for sale commencing no later than one year after foreclosure. 2. The net of revenues and expenses related to operating or holding foreclosed assets held for sale should be credited or charged to income as a gain or loss on holding the assets.

Publication Date

1992

Relational Format

Book

Keywords

Foreclosure -- United States -- Accounting

Disciplines

Accounting | Taxation

Comments

Originally published by: American Institute of Certified Public Accountants; Copyright and permission to reprint held by: American Institute of Certified Public Accountants.

Proposed statement of position : accounting for the results of operations of foreclosed assets held for sale;Accounting for the results of operations of foreclosed assets held for sale; Exposure draft (American Institute of Certified Public Accountants), 1992, Nov. 10

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