Intermediate Bank Accounting: Part III
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. A detailed discussion on 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” and a high level look at the requirements under COSO-2013. Specific discussions and accounting examples for transactions and activities related to: Deferred tax accounting and accruing for tax expenses. Problem loan accounting. Accounting for OREO. Accounting for premiums on callable debt securities. The concepts behind the new lease accounting standard. The concepts behind accounting 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.