FAS 140 Replaces FAS 125
The firm applauds the Financial Accounting Standards Board's  initiative in fully replacing FAS 125 with 140, rather than publish stand-alone amendments to the original rules that would require cross-referencing back and forth.
D&T points out that FAS 140 applies to new transfers of financial assets occurring after March 31, 2001, and cannot be applied to earlier transfers. In the meantime, FAS 125 is in effect until this date. The firm also provides details  related to the implementation date.