This 4-part series will be held April 5, 7, 11 and 14, 2022
Designed for bankers seeking to gain an understanding of accounting for more complex bank transactions as required under U.S. GAAP, along with the concept behind audit assertions, internal controls over financial reporting, consolidating statements and the statement of cash flows. All topics will be specific to the activities of a financial institution. This series will cover:
- An overview of the Accounting Standards Codification (ASC), the concept of Generally Accepted Accounting Principles in the United States (U.S. GAAP) and the role of the Financial Accounting Standards Board (FASB).
- An overview of the implementation timelines for new accounting standards impacting the industry.
- An introduction to the concept of audit assertions that are applied to the audit of a financial institution’s financial statements.
- The concept of “internal controls over financial reporting”.
- Exercises and exhibits illustrating common bank “risks and controls”.
- Specific discussions and accounting examples for transactions and activities related to:
- Deferred tax accounting and accruing for tax expenses.
- Problem loan accounting.
- Accounting for foreclosed real estate.
- Accounting for equity securities
- Accounting for debt securities and the required accounting treatment for premiums paid on callable debt securities.
- The concepts behind the new lease accounting standard.
- The assumptions required to account for stock options.
- The concepts behind accounting for a business combination.
- The process for creating consolidated financial statements to include sample transactions with a bank’s holding company.
- A basic understanding on how to prepare a statement of cash flows.
- Exhibits illustrating a sample consolidating schedule and the concept of distributing vs non-distributing transfers up to the holding company will be provided.
- A sample reconciliation of book net income to taxable income will be provided.
- Illustrations on booking, amortizing, and the tax effects on goodwill and core deposit intangibles.
- Bank Accounting: Beyond the Basics Part 1
- Bank Accounting: Beyond the Basics Part 2
- Bank Accounting: Beyond the Basics Part 3
- Bank Accounting: Beyond the Basics Part 4
Who Should Attend
The course is designed for those who understand the basis of bank accounting and desire to have a deeper understanding of the accounting for more complex activities. In addition, a member of the accounting team that participates in the audit process and works with the bank’s financial statement auditors will improve their understanding of the basic concepts behind the audit assertions and control activities that apply to key area of the bank’s financial statements, to include the basic concepts of consolidations and preparing a statement of cash flows.