New Covenant Theology on Imputed Righteousness

The entire article can be found here http://www.ids.org/pdf/classic/imputation.pdf
A Theological Disclaimer

Listen up and listen good! We are NOT rejecting the imputation of the work of Jesus Christ on the cross (his passive obedience) to the believer. I hope you caught the emphasis there. But for the sake of clarity, we will say it again but we will say it positively this time—we affirm the imputation of the sin-bearing work of Jesus Christ on the cross to the believer. The believer acquires the results of the sin-bearing work of Christ by faith alone in Christ alone. This faith is the result of God’s irresistible grace alone. We are only rejecting the imputation of the active obedience of Christ, and we reject it because we cannot find it in Scripture. We wholeheartedly embrace the imputation of the sin-bearing work of Christ as absolutely essential and foundational for our acceptance with the Father—essential to being declared righteous in his sight. The imputation of Christ’s cross work is the sine qua non of the Christian faith.