What are depository institutions
Depository and Lending Institutions: Banks and Savings Institutions, Credit Unions, Finance Companies, and Mortgage Companies - Audit and Accounting Guide
The 2015 edition of this industry standard resource offers clear and practical guidance on 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.
- Coverage of regulatory updates from key industry regulators (FDIC, OCC, Federal Reserve and NCUA)
- Coverage of Basel III capital rulings that overhaul existing capital adequacy rules and implement both the Basell III capital framework issued by the Basel Committee on Banking Supervision and certain requirements imposed by the Dodd-Frank Act. The new rules will completely replace the OCC, the Federal Reserve, and the FDIC’s existing capital requirements.
- Illustrative auditors’ reports
- Appendix which highlights FASB ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606)
- A new appendix which highlights an overview of statements on
quality control standards
- FASB ASU 2014-02, Intangibles—Goodwill and Other (Topic 350): Accounting for Goodwill (a consensus of the Private Company Council)
- FASB ASU 2014-03, Derivatives and Hedging (Topic 815): Accounting for Certain Receive-Variable, Pay-Fixed Interest Rate Swaps—Simplified Hedge Accounting Approach (a consensus of the Private Company Council)
- FASB ASU 2014-04, Receivables—Troubled Debt Restructurings by Creditors Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure (a consensus of the FASB Emerging Issues Task Force)
- FASB ASU 2014-07, Consolidation (Topic 810): Applying Variable Interest Entities Guidance to Common Control Leasing Arrangements (a consensus of the Private Company Council)
- FASB ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity
- FASB ASU 2014-11, Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures
- FASB ASU 2014-14, Receivables—Troubled Debt Restructurings by Creditors (Subtopic 310-40): Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure (a consensus of the FASB Emerging Issues Task Force)
- Basel III final rulings
- Credit Risk Retention