Banking


 

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In February the Office of the Comptroller of the Currency, the Federal Reserve Board, the Federal Deposit Insurance Corp. and the Office of Thrift Supervision jointly issued the Interagency Advisory on Accounting for Deferred Compensation Agreements and Bank-Owned Life Insurance. Financial institutions often use deferred compensation instruments to remunerate and retain executives ( www.occ.treas.gov/ftp/bulletin/2004-10a.pdf ) but sometimes account for them incorrectly. To facilitate compliance with relevant GAAP provisions, the guidance explains the appropriate treatment for such agreements. It also requires banks to review related past and current accounting for errors and communicate any necessary changes in the reports of condition and income (call reports) or thrift financial reports they submit in April.

SPONSORED REPORT

Year-end tax planning and what’s new for 2016

Practitioners need to consider several tax planning opportunities to review with their clients before the end of the year. This report offers strategies for individuals and businesses, as well as recent federal tax law changes affecting this year’s tax returns.

QUIZ

News quiz: IRS warning on cyberattacks and a change in pension rules

Once again, the IRS sounds the alarm about a threat from cyberthieves. See how much you know about this and other recent news with this short quiz.

CHECKLIST

Bolster your data defenses

As you weather the dog days of summer, it’s a good time to make sure your cybersecurity structure can stand up to the heat of external and internal threats. Here are six steps to help shore up your systems.