The Office of the Comptroller of the Currency (OCC) reports that U.S. commercial banks boosted their derivatives holdings to $51.3 trillion in the third quarter of 2001—an increase of $3.5 trillion over the previous three months. This continued an upward trend that began after the third quarter of 2000. The OCC says in last year’s third quarter banks’ credit-risk exposure fell by $583 billion because they used derivatives to offset the risk of default on loans they made. ( )


6 key areas of change for accountants and auditors

New accounting standards on revenue recognition, leases, and credit losses present implementation challenges. This independently-written report identifies the hurdles that accounting professionals face and provides tips for overcoming the challenges.


How tax reform will impact individual taxpayers

Amy Wang, a CPA who is a senior technical manager for tax advocacy at the AICPA, answers to some of the most common questions on how the new tax reform law will impact individual taxpayers.