What Does SOP Stand for in Accounting? | eHow
General Accounting Procedures - Duke Financial Services
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Accounting Policies and Procedures Manual | ABR31M
Accordingly, a bank that acquires impaired loans, including a bank that does so in purchase business combinations, should establish policies and procedures appropriate to the volume of its loan purchases and the complexity of the credits involved to ensure compliance with this new SOP. The bank's procedures should include documentation standards for the contractually required payments receivable, the cash flows expected to be collected, and the fair value (initial investment) at the acquisition date for each impaired loan because these amounts drive the accounting under SOP 03-3. The bank also should have adequate support for its assessment of whether the amount and timing of the cash flows expected to be collected are reasonably estimable. For allowance calculation purposes, the bank will need to segregate the purchased impaired loans. In addition, to satisfy the disclosure requirements of the SOP, the bank must maintain other information about its purchased impaired loans, including their outstanding balance and the related carrying amount, accretable yield, and associated post-acquisition loan loss allowance.