Depository and Lending Institutions: Banks and Savings Institutions, Credit Unions, Finance Companies, and Mortgage Companies

This guide summarizes new standards, guidance, and practices, and delivers "how-to" advice for handling audit and accounting issues common to the depository and lending institutions industry.

Updated as of August 1, 2011, the guide includes relevant guidance contained in applicable standards and other technical sources. The guide provides information related to the banking and savings institutions, credit unions, finance companies, and mortgage companies industries, including general information on the regulatory environment and prevalent banking and lending activities. The guide offers clear and practical guidance on recent developments in areas such as consolidation, transfers and servicing, troubled debt restructurings, financing receivables and the allowance for loan losses, and fair value measurements. In addition, the guide provides guidance related to new and existing regulatory reporting matters, including updates a result of the Dodd-Frank Wall Street Reform and Consumer Protection Act and amendments to the Corporate Credit Union rulings. All content is reviewed by industry experts and approved by the appropriate AICPA senior technical committee(s). A subject index has been added to the Guide for ease of use.

Updates significant to this edition include technical guidance contained in:

• FASB ASU No. 2009-16, Transfers and Servicing (Topic 860): Accounting for Transfers of Financial Assets
• FASB ASU No. 2009-17, Consolidations (Topic 810): Improvements to Financial Reporting by Enterprises Involved with Variable Interest Entities
• FASB ASU No. 2010-20, Receivables (Topic 310): Disclosures about the Credit Quality of Financing Receivables and the Allowance for Credit Losses
• FASB ASU No. 2011-02, Receivables (Topic 310): A Creditor’s Determination of Whether a Restructuring is a Troubled Debt Restructuring.
• FASB ASU No. 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosures Requirements in U.S. GAAP and IFRSs.
• SSAE No.16, Reporting on Controls at a Service Organization

For a topical listing of subject matter by chapter, click on the Table of Contents tab.

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