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.

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VIDEO

Excel walk-through: Sparklines

Want to liven up your spreadsheets with some color and graphical elements? Kelly L. Williams, CPA, Ph.D., shows how to use Excel sparklines, which illustrate data trends and patterns via small charts that fit in a single Excel cell.