The Bond Market Association (TBMA) provides comments to the American Institute of Certified Public Accountants (AICPA) on a proposal relating to the use of legal interpretations as evidential matter to support management’s assertion that a transfer of financial assets qualifies as a sale under Statement of Financial Accounting Standards No. 125 of the Financial Accounting Standards Board (FASB).  TBMA believes the proposal’s auditing guidance would actually change the application of accounting standards.

*SIFMA is the product of a merger between the Securities Industry Association (SIA) and The Bond Market Association (TBMA) in 2006.