This learning experience is designed for bankers, accountants, and auditors new to banking or the accounting department and those seeking a refresher course on the basic accounting concepts targeted for the activities of a financial institution.
- General application of accounting practices to include a discussion of double-entry accounting, the general ledger and the flow of accounting transaction activity into a balance sheet and income statement.
- The impact of debits and credits posted to the major categories of assets, liabilities, equity, income, and expense.
- An overview of the Accounting Standards Codification (ASC) and the concept of Generally Accepted Accounting Principles in the United States (U.S. GAAP) and the role of the Financial
- Accounting Standards Board (FASB).
- Examples and exercises to illustrate accounting transactions for major asset, liability, equity, income, and expense items will play a significant role in the learning experience.
- Discussions related to basic and important internal controls with a description of why controls are important to the overall accounting and financial reporting process of the institution.
- The basic concept of consolidation accounting with sample-eliminating entries will be provided.
- Take-away accounting exercises will be provided to participants after each session.
- The presentation materials and the extensive exhibit takeaways provide a future reference source to all participants on the accounting topics covered.
Bank Accounting: Boot Camp on the Basics – Part 1
The first webinar will explain general accounting practices to include a discussion of double-entry accounting, the general ledger, and U.S. GAAP. This part will also focus on accounting for cash and amounts due from correspondent banks. Accounting entry examples and exercises will be provided.
Bank Accounting: Boot Camp on the Basics – Part 2
The second webinar will focus on accounting for Investment securities and loans, to include accounting for premiums and discounts and unrealized gains and losses on investments, and accruals into the allowance for loan losses. The associated income and expenses that flow through the income statement as part of the accounting cycle for these assets will also be covered. Accounting entry examples and exercises will be provided.
Bank Accounting: Boot Camp on the Basics – Part 3
The third webinar will cover non-interest bearing assets to include premises and equipment, other real estate owned and prepaid expenses with a discussion on the associated expenses that flow to the income statement. This part will include a discussion on official checks and the associated debits and credits that keep the bank’s official checks in balance. Accounting entry examples and exercises will be provided.
Bank Accounting: Boot Camp on the Basics – Part 4
The fourth webinar will cover interest bearing liabilities, to include deposits, borrowings, and debt, and the associated interest expenses that flow to the income statement. The capitalization of interest payable on deposits accounts and the handling of debt issuance costs will also be discussed. This part will also look at the practice of accruing for future expenditures and other liabilities, to include a discussion on booking contingencies. Accounting entry examples and exercises will be provided.
Bank Accounting: Boot Camp on the Basics – Part 5
The fifth webinar will focus on the equity section of an institution’s balance sheet, to include the basic concept of common equity instruments and the roll forward of the current year’s net income or net losses into the equity equation. Accounting entry examples and exercises will be provided. The basic concepts of consolidation accounting will also be discussed in this last part of the series.
Who Should Attend
The learning experience is designed for those who are new to bank accounting, bank auditing or those who are looking for a refresher on the accounting practices and basic components of the balance sheet and income statement of a financial institution. Time should be allowed for post-session follow-up work on accounting exercises provided as part of the learning experience. The presentation information and extensive exhibit takeaways contribute significantly to the learning experience and provide a source for future reference on the accounting topics covered.