Financial Reporting

The Institute, in cooperation with industry experts, has updated and revised illustrative financial statements for banks, savings institutions, credit unions and mortgage companies (in separate versions), which members can find online at www.aicpa.org/members/div/acctstd/illustrative_fs.asp . These illustrative statements also are available in the AICPA publication, Checklists and Illustrative Financial Statements for Banks, Savings Institutions, Credit Unions, Finance Companies, and Mortgage Companies.

While the statements are not intended to be comprehensive or to establish a preference among alternative principles acceptable under GAAP, they do provide guidance useful to members employed in depository or lending institutions.