Banking


The Treasury Department’s Office of Thrift Supervision (OTS) advises savings associations to consult it before they consider transferring to an external entity their high-risk assets—such as nonperforming loans—when the bank retains significant credit risk related to those assets and simultaneously provides considerable funding to the receiving entity ( www.ots.treas.gov/docs/25156.pdf ). In order to remove troublesome assets from their balance sheets, the watchdog agency says, some banks have executed such transactions and inappropriately accounted for them as sales.

SPONSORED REPORT

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.

PODCAST

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.