- 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)
- Implementation of timelines for new accounting standards impacting the industry
- Concept of audit assertions that are applied to the audit of a financial institution’s financial statements
- Concept of “internal controls over financial reporting”
- Exercises and exhibits illustrating common bank “risks and controls”
- 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
April 7, 2023, 10:00 am CDT
The first part of the series will provide the participant with an understanding of the Accounting Standards Codification and the Financial Accounting Standards Board (FASB) along with an overview of selected new accounting standards and the associated implementation timelines. A discussion on the concept of Audit Assertions that apply to major categories of a bank’s assets, liabilities and equity will be presented. In addition, this webinar will discuss the concept of “internal controls over financial reporting”.
Bank Accounting: Beyond the Basics – Part 2
April 14, 2023, 10:00 am CDT
The second part of the series will focus on accounting for deferred taxes and accruing for current income tax expense. Accounting for problem loans will be covered and includes non-accrual activities and accounting for loans that have been modified under a troubled debt restructuring (TDR).
Bank Accounting: Beyond the Basics – Part 3
April 21, 2023, 10:00 am CDT
The third part of the series will focus on accounting for Other Real Estate Owned (OREO), accounting for equity securities, debt securities and the proper accounting for premiums paid on callable debt securities, leases under the new lease accounting standard, and the concepts behind accounting for stock option plans.
Bank Accounting: Beyond the Basics – Part 4
April 28, 2023, 10:00 am CDT
The fourth part of the series will focus on the concepts behind accounting for a business combination, the basic components in preparing a set of consolidated financial statements, and a beginner’s look at how to prepare a statement of cash flows.
Who Should Attend
The course is designed for those who understand the basis of bank accounting and desire to have a deeper understanding of 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 areas of the bank’s financial statements, to include the basic concepts of consolidations and preparing a statement of cash flows.