|As a financial statement preparer or auditor it is essential to understand the complexities of the depository and lending institutions industry including the operational, regulatory, accounting, reporting, and auditing aspects unique to this industry. AICPA publications provide general background information along with recent developments, additional information on complex issues, and illustrative examples for the common accounting and audit practices in the depository and lending institutions industry, including banks and savings institutions, credit unions, finance companies, and mortgage companies. Topics addressed in the depository and lending institutions publications include
Also covered are recent developments in areas such as consolidation, transfers and servicing, troubled debt restructurings, financing receivables and the allowance for loan losses, and fair value measurements.
- investments in debt and equity securities and other-than-temporary impairments.
- loans and credit losses.
- accounting for transfers and servicing of financial assets.
- troubled debt restructurings
- auditing estimates such as the allowance for loan and lease losses.
Regulatory updates from the Federal Financial Institutions Regulators, Securities and Exchange Commission, U.S. Commodity Futures Trading Commission, Dodd-Frank Wall Street Reform and Consumer Protection Act, and amendments to the Corporate Credit Union rulings are also discussed. Finally, emerging issues such as the U.S. implementation of Basel III, proposed amendments to the SEC’s broker-dealer financial reporting rule included in SEC Rule 17a-5; and the PCAOB proposed auditing standards for broker-dealers are also covered.
For more information on the industry and the AICPA's commitment to provide updates and guidance, visit the Depository and Lending Institutions Expert Panel's webpage.