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Financial Institutions Industry Developments: Including Depository and Lending Institutions and Brokers and Dealers in Securities - 2013/14 Audit Risk Alert

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This completely new edition will assist auditors, management accountants and financial professionals achieve a more robust understanding of the unique business, economic, and regulatory environments associated with financial institutions.

This Alert will keep you up to speed on recently issued regulatory developments, accounting pronouncements, and audit risks; major changes to the regulatory capital rules; and will keep you up-to-date on emerging issues that may require consideration during 2013/14 risk assessment and planning procedures.

New regulatory, accounting and auditing guidance in this edition includes:

  • U.S. implementation of Basel III including discussion of major changes from the current risk-based capital rule and new additional requirements
  • SEC Release No 34-70073, Broker-Dealer Reports
  • An early look at recently issued accounting pronouncements and their impact on financial institution accounting and financial reporting. Significant FASB Accounting Standards Updates discussed include:
    • FASB ASU No. 2012-06, Business Combinations (Topic 805): Subsequent Accounting for an Indemnification Asset Recognized at the Acquisition Date as a Result of a Government-Assisted Acquisition of a Financial Institution (a consensus of the FASB Emerging Issues Task Force)
    • FASB ASU No. 2013-10, Derivatives and Hedging (Topic 815): Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes (a consensus of the FASB Emerging Issues Task Force)
  • Updates to the U.S. Department of Housing and Urban Development Consolidated Audit Guide for Audits of HUD Programs
  • PCAOB auditing standards for broker-dealers

This alert also includes information on emerging issues such as:

  • Stress test guidance for medium sized firms
  • Supplementary leverage standard ratios
  • FASB project developments
  • Proposed broker-dealer and commodities regulations
Paperback , 2013/2014
Product# ARADEP13P
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