Bank Accounting: Beyond the Basics - Part 1 | Day 1 | 1:00 pm - 3:00 pm EST

The first part of the series will provide the participant with an understanding of the Accounting Standards Codification and the Financial Accounting Standards Board (FASB) along with an overview of selected new accounting standards and the associated implementation timelines. A discussion on the concept of Audit Assertions that apply to major categories of a bank’s assets, liabilities, and equity will be presented. In addition, this webinar will discuss the concept of “internal controls over financial reporting” and the 4 “Lines of Defense” within a financial institution.

Bank Accounting: Beyond the Basics - Part 2 | Day 2 | 1:00 pm - 3:00 pm EST

The second part of the series will focus on accounting for credit losses on all financial instruments as required under ASC Topic 326 (CECL). Accounting for problem loans will be covered and includes non-accrual activities and the updated requirements for reporting modified loans under ASC Topic 326.

Bank Accounting: Beyond the Basics - Part 3 | Day 3 | 1:00 pm - 3:00 pm EST

The third part of the series will focus on accounting for Other Real Estate Owned (OREO), accounting for equity securities, debt securities and the proper accounting for premiums paid on callable debt securities, with an example on applying a Modified Retrospective approach as required with the adoption of new accounting standards. This part will also look at accounting for leases under the new lease accounting standard.

Bank Accounting: Beyond the Basics - Part 4 | Day 4 | 1:00 pm - 3:00 pm EST

The fourth part of the series will focus on accounting for deferred taxes and accruing for current income tax expense. The concepts behind accounting for stock option plans will also be discussed.

Bank Accounting: Beyond the Basics - Part 5  | Day 5 | 1:00 pm - 3:00 pm EST

The fifth part of the series will focus on the concepts behind accounting for a business combination, the basic components in preparing a set of consolidated financial statements, and a beginner’s look at how to prepare a statement of cash flows.

What You'll Learn

• An overview of the Accounting Standards Codification (ASC), the concept of Generally Accepted Accounting Principles in the United States (U.S. GAAP) and the role of the Financial Accounting Standards Board (FASB)
• An overview of the implementation timelines for new accounting standards impacting the industry
• An introduction to the concept of audit assertions that are applied to the audit of a financial institution’s financial statements
• The concept of “internal controls over financial reporting” and the meaning of “lines of defense” in internal controls
• Exercises and exhibits illustrating common bank “risks and controls”
• Exhibits illustrating a sample consolidating schedule and the concept of distributing vs non-distributing transfers up to the holding company will be provided
• A sample reconciliation of book net income to taxable income will be provided
• Illustrations on booking, amortizing, and the tax effects on goodwill and core deposit intangibles resulting from a business combination will be provided

Who Should Attend

This course is designed for bankers seeking an understanding of accounting for more complex bank transactions as required under U.S. GAAP, along with the concepts behind audit assertions, internal controls over financial reporting, consolidating statements and the statement of cash flows. All topics will be specific to the activities of a financial institution.