Banking


 

For news from the AICPA and state societies, visit www.cpa2biz.com , which also offers online CPE, AICPA professional literature, practice management aids and links to state society Web sites.
 
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.

Where to find July’s flipbook issue

The Journal of Accountancy is now completely digital. 

 

 

 

SPONSORED REPORT

Better decision-making with data analytics

Data analytics has become a hot topic, but many organizations have not yet managed to understand its potential, let alone put it to work. This report will take a deep-dive on how to best introduce or enhance the use of data in decision-making.