Bank Accounting & Finance articles from February 2003

Bank Accounting & Finance archives from February 2003

A year of hard lessons.(Editorial)
February 1, 2003... On January 10, 2002, it was first reported that Arthur Andersen had shredded some Enron documents. One year later, the fallout from the Enron bankruptcy and other accounting scandals continues. On January 9, 2003, the Public Company...

FASB proposes principles-based approach to US standards setting.(Financial Accounting Standards Board)
February 1, 2003... In October 2002, the Financial Accounting Standards Board (FASB) published a proposal on a principles-based approach to accounting standards setting that discusses how such an approach might improve the quality and transparency of financial...

Trends in the law: financial product patents.
February 1, 2003... In a trend that began more than 20 years ago, the federal appellate court responsible for patents has steadily opened the door for innovations in increasingly broader subject matter categories to be eligible for patenting. An initial focus of...

Taking the enterprise risk-management journey.
February 1, 2003... All companies face risks as a normal part of doing business. These risks arise from external forces beyond a company's immediate control and from a myriad of internal forces that can and need to be managed. Financial institutions, in...

Proposals and new rules address auditors' and managements' responsibilities for financial reporting and disclosure.(SEC Update)
February 1, 2003... The Securities and Exchange Commission (SEC) recently adopted and proposed several new rules and rule amendments to implement some of the provisions of the Sarbanes-Oxley Act of 2002 (SOA), which has been referred to as one of the most...

Auditing standards board issues standard to clarify auditors' responsibilities.(Auditing)
February 1, 2003... Recently, the Auditing Standards Board (ASB) of the American Institute of Certified Public Accountants (AICPA) issued Statement on Auditing Standards (SAS) No. 98, "Omnibus Statement on Auditing Standards--2002." The purpose of this statement...

LILO transactions: settlements or litigation?(Tax Update)(lease-in, lease-out transactions)
February 1, 2003... In fall 2002 there was a spate of settlement offers from the Internal Revenue Service (IRS) on big issues for certain taxpayers. These included offers to settle corporate-owned life insurance, basis-shifting transactions, and contingent...

Effective anti-money-laundering monitoring: issues and challenges.(Regulatory Outlook)
February 1, 2003... The USA PATRIOT Act and other money-laundering legislation are aimed at assisting law enforcement in its efforts to combat money laundering and at protecting financial institutions from being used unwittingly by money launderers. No one--not...