There are many different sources of CMBS. Conduits and aggregate pools generally consist of loans newly originated, purchased or held by investment bankers until the pool is large enough for an efficient execution. Government agencies such as the Federal National Mortgage Association (FNMA) and the Federal Home Loan Mortgage Corp. (FHLMC) are important sources of:
The auditor should obtain a sufficient understanding by performing risk assessment procedures to:
The sum of values assigned by claims adjusters to specific known claims that were recorded by the insurance entity but not yet paid at the financial statement date is called:
The highest and best use of the asset is ______________, if the asset would provide maximum value to market participants principally on the standalone basis.
Fair quoted techniques used to measure fair value should maximize the use of observable inputs and minimize the use of unobservable inputs.
What encompasses investment income and gains and losses, as well as custody of investment and recordkeeping?
A liability for premiums paid in advance can also arise when insurers allow policyholders to pay several years’ premiums at one time. Since the insurer has the use of policyholder funds that are not yet due, it is customary for the insurer to:
______ is used when the rates for large or usual risks are established almost entirely by the skill and experience of the rate maker.
Financial statements of a self-sustaining foreign operation are translated using the current rate method whereby assets and liabilities are translated in the reporting currency using the exchange rate.
Direct serving loans method requires a system of good internal control and requires that the functions be split between the Accounting Department and the Investment Department. The Investment Department is responsible for promptly supplying the Accounting Department with:
