The financial services industry is undergoing significant change, which has added challenges for institutions assessing their operations and internal controls for regulatory considerations.
This 2016 edition of this industry standard resource offers clear and practical guidance of audit and accounting issues such as transfers and servicing, troubled debt restructurings, financing receivables and the allowance for loan losses, and fair value accounting. It also provides direction for institutions assessing their operations and internal controls for regulatory considerations.
New and existing regulatory reporting matters are also covered, including updates resulting from the Dodd-Frank Wall Street Reform and Consumer Protection Act and BASEL III implementation.
Key Benefits Include:
Coverage of regulatory updates from key industry regulators (FDIC, OCC, Federal Reserve and NCUA)
Coverage of Basel III capital rulings that implement both the Basel III capital framework issued by the Basel Committee on Banking Supervision and certain requirements imposed by the Dodd-Frank Act
Illustrative auditors’ reports
Appendix which highlights FASB ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606)
Appendix which highlights an overview of statements on quality control
A new appendix which highlights FASB ASU No. 2016-02, Leases
A new appendix which highlights FASB’s project on accounting for financial instruments, including an overview of FASB ASU No. 2016-01, Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, and FASB ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments
Who Will Benefit:
This guide is applicable for management accounting and financial professionals at depository and lending institutions of all sizes, as well as CPAs at auditing firms of all sizes who perform engagements in the depository and lending industry.
FASB ASU No. 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation
FASB ASU No. 2014-13, Consolidation (Topic 810) - Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity (a consensus of the FASB Emerging Issues Task Force)
FASB ASU No. 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40) - Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern
FASB ASU No. 2014-16, Derivatives and Hedging (Topic 815): Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity (a consensus of the FASB Emerging Issues Task Force)
FASB ASU No. 2014-18, Business Combinations (Topic 805): Accounting for Identifiable Intangible Assets in a Business Combination (a consensus of the Private Company Council)
FASB ASU No. 2015-01, Income Statement—Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items
FASB ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis
FASB ASU No. 2015-03, Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs
FASB ASU No. 2015-05, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement
FASB ASU No. 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) (a consensus of the Emerging Issues Task Force)
FASB ASU No. 2016-03, Intangibles—Goodwill and Other (Topic 350), Business Combinations (Topic 805), Consolidation (Topic 810), Derivatives and Hedging (Topic 815): Effective Date and Transition Guidance (a consensus of the Private Company Council)
SAS No. 130, An Audit of Internal Control Over Financial Reporting That Is Integrated With an Audit of Financial Statements
SAS No. 131, Amendment to Statement on Auditing Standards No. 122, Section 700, Forming an Opinion and Reporting on Financial Statements