ABSTRACT
United Kingdom generally accepted accounting practice (UK GAAP): a fi-
nancial asset is sold if the economic risks and rewards of that asset are dis-
posed of (FRS 5).
For the purposes of United States of America generally accepted account-
ing practice (US GAAP): a financial asset is sold if it the transferor ceases to
‘control’ it (eg: an asset is presumptively beyond the control of the transferor or its
creditors, even on the transferor’s insolvency (FAS B140)).
