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Depository and Lending Institutions: Banks and Savings Institutions, Credit Unions, Finance Companies, and Mortgage Companies - Audit and Accounting Guide
Updated for 2018, 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.

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Product details

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.

Key Topics

  • Coverage of regulatory updates from key industry regulators (FDIC, OCC, Federal Reserve and NCUA).
  • Illustrative auditors' reports.
  • Industry hot topics covered: Transfers and servicing, troubled debt restructurings, financing receivables and the allowance for loan losses, and fair value accounting.
  • Appendix highlighting an overview of statements on quality control.
  • Appendix highlighting FASB ASU No. 2016-02, Leases.
  • An appendix highlighting 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.

The financial services industry is undergoing significant change, which has added challenges for institutions assessing their operations and internal controls for regulatory considerations.

The 2018 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 as well as discussions on existing regulatory reporting matters.

Updates

  • FASB ASC 606
  • NCUA final rule, Risk-Based Capital
  • FASB ASU No. 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities
  • FASB ASU No. 2016-04, Liabilities-Extinguishments of Liabilities (Subtopic 405-20): Recognition of Breakage for Certain Prepaid Store-Value Products (a consensus of the FASB Emerging Issues Task Force)
  • FASB ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force)
  • FASB ASU No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory
  • FASB ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the Emerging Issues Task Force)
  • FASB ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business

Note: FASB ASU No. 2016-13 will have a significant impact on the guide; however, incorporation of guidance will not occur until the 2019 or 2020 edition of the guide.

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American Institute of CPAs

The American Institute of CPAs (AICPA) is the world’s largest member association representing the CPA profession, with more than 418,000 members in 143 countries, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting.

The AICPA sets ethical standards for the profession and U.S. auditing standards for private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination, and offers specialized credentials for qualified professionals who concentrate on personal financial planning; forensic accounting; business valuation; and information management and technology assurance. With The Chartered Institute of Management Accountants (CIMA), it offers the Chartered Global Management Accountant (CGMA) designation, which sets the global benchmark for quality and recognition in management accounting.

The AICPA and CIMA also make up the Association of International Certified Professional Accountants (the Association), which represents public and management accounting globally, advocating on behalf the public interest and advancing the quality, competency and employability of CPAs, CGMAs and other accounting and finance professionals worldwide.

The AICPA maintains offices in New York, Washington, DC, Durham, NC, and Ewing, NJ.

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