April 29, 1993
TO: ACCOUNTING/TREASURERS MEMBERS NO. 13-93
INDEPENDENT ACCOUNTANTS ADVISORY GROUP
RE: COMPLEX SECURITIES GUIDANCE ON MORTGAGE-BACKED SECURITIES
__________________________________________________________
The attached paper describes the accounting, tax and
operational issues related to mortgage-backed securities. The
paper was developed by the Accounting Policy Subcommittee of the
Institute's Accounting/Treasurer's Committee (ATC) and was
unanimously recommended for dissemination to the ICI membership
by the ATC and the Institute's Independent Accountants Advisory
Group.
This document is intended to provide technical information
at the accounting operations levels for ICI members on standard
fixed interest rate mortgage-backed securities. The principal
authors of the paper are:
Timothy J. Jacoby - Fidelity Management and Research
Company
Richard P. Meyerowich - Deloitte & Touche
Vincent Nave - The Boston Company
Bruce J. Smith - Van Eck Financial Services
Please feel free to contact me with any questions or
comments at 202/955-3583.
Kathleen C. Joaquin
Director -
Operations/Fund Accounting
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