International Finance and Accounting Handbook

Unless translation rates adjust to reflect the specific price inflation or the general price level shifts (purchasing power pari ...

flation adjustment requirements on the grounds that inflation was not a problem for them. Yet, high rates of inflation persist i ...

––––. Statement of Financial Accounting Standards No. 52, “Foreign Currency Translation.” Stamford, Conn.: FASB, 1981. ––––. Sta ...

21 • 1 CHAPTER 21 ASSET SECURITIZATION Lisa Filomia-Aktas Ernst & Young LLP CONTENTS 21.1 What is Securitization? 1 21.2 Rea ...

with attractive returns. For borrowers, securitization provides an alternative funding source with lower costs of funds compared ...

Financial asset:Cash, evidence of an ownership interest in an entity, or a con- tract that conveys to a second entity a contrac ...

The “bankruptcy remoteness” of the financial claims is an important factor in the ability of the originator to offer the securit ...

an active secondary market for home mortgages, the U.S. government established Ginnie Mae to guaranty the mortgage pass-through ...

writer and issuer coordinate the assembly of a collateral pool and related data. The rating agencies or financial guarantors the ...

entity, which credit enhances the pool to obtain the high credit rating sought by third- party investors on their interests. The ...

reconsideration and clarification of certain of its provisions, even beyond the guid- ance provided in the FAS 125 Implementatio ...

Under FAS 140, a transferor/originator is considered to have surrendered control over transferred assets and, therefore, to have ...

sale level of assurance is required. The “would be” opinion is the highest level of as- surance an attorney can give. In additio ...

(as in the case of securities issued under Securities Act Rule 144A or debt placed privately) Illiquidity, for example, the abs ...

a more than trivial benefit and effective control over the assets, because it can pay any price it chooses in the auction and re ...

A clean-up call, however, is permitted as an exception to the effective control cri- teria. A clean-up call is an option held by ...

to fail to adequately service financial assets transferred to it or to timely pay obliga- tions due, servicing rights related to ...

the fair value of each component. The proceeds received, the $900 of cash, represents the fair value of the interest sold. The f ...

and prepayments, and the cash flow waterfall with the transaction. The discount rate used to present value the estimated cash fl ...

settled in such a way that the holder would not recover substantially all of its recorded investment (except for instruments tha ...