Banking


Federal banking regulators issued supplemental guidance to financial institutions on how they should account for and report on commitments to originate and sell mortgage loans ( www.occ.treas.gov/ftp/bulletin/ ). The institutions are required to determine which of these commitments are derivatives under FASB rules and then calculate and report their fair value. But inadequate compliance with the FASB rules has prompted the regulators—the Federal Reserve Board, the Federal Deposit Insurance Corp., the National Credit Union Administration, the Office of the Comptroller of the Currency and the Office of Thrift Supervision—to provide this additional guidance on applying FASB Statement on Standards no. 133, Accounting for Derivative Instruments and Hedging Activities, as amended by FASB Statement no. 149.

SPONSORED REPORT

CPEOs provide peace of mind around payroll services

The creation of these new IRS-certified service providers for small businesses clarifies some issues around traditional professional employer organizations.

QUIZ

8 sentences to help you master subject-verb agreement

When professionals prepare written material for readers inside their organization or outside, they should make sure that no errors distract from the message they need to convey. Take this short quiz for practice in subject-verb agreement.