Depository and Lending Institutions: Banks and Savings Institutions, Credit Unions, Finance Companies, and Mortgage Companies - Audit and Accounting Guide

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Clear and practical guidance you need

The financial services industry is undergoing significant change. This has added challenges for institutions assessing their operations and internal controls for regulatory considerations.

Updated for 2024, this industry standard resource offers comprehensive, reliable accounting implementation guidance for preparers. This guide includes clear and practical guidance for audit and accounting issues, and in-depth coverage of audit considerations, including planning, risk assessment, controls, fraud and execution of the audit.

Updated guidance

Some of the most recent guidance that has been incorporated into this edition of the guide includes:

• FASB ASU No. 2016-02 — Leases (Topic 842)
• FASB ASU No. 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, and related amendments
• FASB ASU No. 2018-12, Financial Services — Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts
• FASB ASU No. 2018-17: Consolidation (Topic 810) — Targeted Improvements to Related Party Guidance for Variable Interest Entities
• FASB ASU No. 2022-01, Derivatives and Hedging (Topic 815) Fair Value Hedging — Portfolio Layer Method
• FASB ASU No. 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions
• SAS No. 142, Audit Evidence
• SAS No. 143, Auditing Accounting Estimates and Related Disclosures
• SAS No. 144, Amendments to AU-C Sections 501, 540, and 620 Related to the Use of Specialists and the Use of Pricing Information Obtained From External Information Sources
• SAS No. 145, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement

Who Will Benefit

• Management accounting and financial professionals at depository and lending institutions of all sizes
• CPAs at auditing firms of all sizes who perform engagements in the depository and lending industry

Key Topics

• Background on the financial institutions industry as well as interpretive guidance for both new and existing rules
• Measurement of credit losses
• The latest auditing and regulatory guidance specific to financial institutions
• Coverage of regulatory updates from key industry regulators (FDIC, OCC, Federal Reserve and NCUA)
• Illustrative auditor's report