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

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Ensure you have the most current authoritative guidance when auditing a depository and lending institution.

The AICPA Depository and Lending Institutions: Banks and Savings Institutions, Credit Unions, Finance Companies, and Mortgages Companies Audit & Accounting Guide is developed by leading experts from industry and public practice. It summarizes new standards, guidance, and practices, and delivers "how-to" advice for handling audit and accounting issues common to depository and lending institutions. 

This AICPA Audit and Accounting Guide has been updated to reflect the new standards resulting from the Clarity Project.  Fully incorporating the clarified auditing standards into this edition of the guide enables auditors to further their understanding of these recently issued auditing standards, as well as begin updating their audit methodologies, resources, and tools prior to the clarified auditing standards’ effective date.  Additionally, this approach gives auditors the opportunity to review and understand the changes made by their third-party audit methodology and resource providers, if applicable.  The clarified auditing standards are effective for audits of financial statements for periods ending on or after December 15, 2012 (calendar year 2012 audits).

This guide includes relevant guidance contained in applicable standards and other technical sources. The guide provides background on the depository and lending institutions industry (including banks and savings institutions, credit unions, finance companies, and mortgage companies) as well as 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 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 as 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. 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs
• FASB ASU No. 2010-26, Financial Services – Insurance (Topic 944): Accounting for Costs Associated with Acquiring or Renewing Insurance Contracts
• SAS Nos. 122 – 126 (referred to as clarified SASs)
• SSAE No. 16, Reporting on Controls at a Service Organization
• PCAOB Risk Assessment Standards Nos. 8 – 15

Note: While auditors should continue to use the previous edition of this guide (2011 edition) until the clarified auditing standards become effective, now is the time to prepare for the clarified standards.

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