Banking



Federal bank regulators made an interim decision that FASB Statement no. 158, Employers’ Accounting for Defined Benefit Pension and Other Postretirement Plans, will not affect banking organizations’ regulatory capital. Pending further action by the Federal Reserve Board, FDIC, Office of the Comptroller of the Currency and Office of Thrift Supervision, bank holding companies and savings associations should exclude from regulatory capital any amounts recorded in accumulated other comprehensive income (AOCI) resulting from the application of Statement no. 158.

The standard requires organizations that sponsor defined benefit postretirement plans to recognize the overfunded or underfunded status of each such plan as an asset or liability on their balance sheet with corresponding adjustments in AOCI. For additional guidance, visit www.federalreserve.gov/boarddocs/reportforms/supplemental/SI_FRY9_200612.pdf .

 

SPONSORED REPORT

Why cybercriminals are targeting CPAs

This free report expands on the most commonly found scams, why education and specialized IT knowledge help to lessen security vulnerabilities, and why every firm should plan carefully for how it would respond to a breach.

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.