FAS 140 Replaces FAS 125 | AccountingWEB

FAS 140 Replaces FAS 125

Big Five accounting firm Deloitte & Touche has provided an explanation of FAS 140 on its Web site.

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.

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