Freddie Mac 2015 Annual Report Download - page 216

Financial Statements Notes to the Consolidated Financial Statements | Note 1
Freddie Mac 2015 Form 10-K 214
RECENTLY ISSUED ACCOUNTING GUIDANCE
Recently Adopted Accounting Guidance
Standard Description Date of
Adoption Effect on Consolidated Financial Statements
ASU 2014-01, Accounting
for Investments in
Qualified Affordable
Housing Projects (Topic
323)
The amendment permits entities to elect to
account for their investments in qualified
affordable housing projects using the
proportional amortization method if certain
conditions are met.
January 1,
2014 The adoption of this amendment did not have
a material effect on our
consolidated financial
statements.
ASU 2014-04,
Reclassification of
Residential Real Estate
Collateralized Consumer
Loans upon Foreclosure
(Topic 310)
The amendment clarifies that a creditor is
considered to have received physical
possession of residential real estate property
collateralizing a consumer mortgage loan,
upon either the creditor obtaining legal title to
the residential real estate property upon
completion of a foreclosure or the borrower
conveying all interest in the residential real
estate property to the creditor to satisfy that
loan through completion of a deed in lieu of
foreclosure or through a similar legal
agreement.
January 1,
2015 The adoption of this amendment did not have
a material effect on our
consolidated financial
statements.
ASU 2014-11,
Repurchase-to-Maturity
Transactions,
Repurchase Financings,
and Disclosures (Topic
860)
The amendment requires repurchase-to-
maturity transactions to be accounted for as
secured borrowings and requires separate
accounting for a transfer of a financial asset
completed contemporaneously with a
repurchase agreement with the same
counterparty.
January 1,
2015 The adoption of this amendment did not have
a material effect on our
consolidated financial
statements.
ASU 2014-14,
Classification of Certain
Government-Guaranteed
Loans upon Foreclosure
(Topic 310)
The amendment requires that a loan be de-
recognized and a separate receivable be
recognized upon foreclosure if certain
conditions are met. If those conditions are met
and such a receivable is recognized, the
receivable should be measured based on the
amount of principal and interest related to the
loan expected to be recovered from the
guarantor.
January 1,
2015 The adoption of this amendment did not have
a material effect on our
consolidated financial
statements.