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.

NEWS

IRS sets start date for tax season

The IRS announced that tax season will start in late January and that it will issue refunds to taxpayers despite the partial shutdown of the federal government.

PODCAST

Why CPAs can’t wait on automation tools

What do accounting firms waiting on others to develop AI, automation, and data analytics tools have in common with a baseball fan sitting in a stadium filling with water at an exponential rate? The answer could determine your firm’s fate.