This 4-part series will be held October 19, 22, 26 and 29.
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.
- 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. o 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.
- 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.
- A guide on the accounting and tax treatment for restricted stock grants will be provided.
October 19, 2021 Series Part 1: 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 detailed 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” and unravel the basic requirements of the COSO-2013 model.
October 22, 2021 Series Part 2: 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).
October 26, 2021 Series Part 3: The third part of the series will focus on accounting for Other Real Estate Owned (OREO), premiums on callable debt securities, leases under the new lease accounting standard, and the concepts behind accounting for stock option plans.
October 29, 2021 Series Part 4: The fourth part of the serios 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 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.