Finance Companies - G.20
May 23, 2012 revisions
Revisions to consumer, real estate, and business receivables begin in January 2006 and are due to idiosyncratic methodology changes and the incorporation of revisions to source data. Methodology changes include improved adjustments for panel attrition, panel growth, and loan sales and purchases by panel members. In addition, we have reviewed the estimates of off-balance sheet securitized assets to ensure that all outstanding balances are correctly measured and loans are properly classified. Revisions to securitized consumer and business assets are particularly large in the first quarter of 2010 because of the incorporation of FAS 166 and167-related consolidations.1
- In 2009, the Financial Accounting Standards Board (FASB) published Financial Accounting Statements FAS 166, Accounting for Transfers of Financial Assets, and FAS 167, Amendments to FASB Interpretation No. 46(R )(Consolidation of Variable Interest Entities), which change the way entities account for securitizations and special purpose entities. Because of these statements, many financial institutions consolidated related special purpose entities onto their balance sheets.
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