Bank Accounting & Finance articles from June 2003

Bank Accounting & Finance archives from June 2003

Crisis management for financial executives.
June 1, 2003... In the wake of the flood of highly publicized corporate scandals that have wracked the business community in the past year or two, we have received many communications from financial executives and others asking what they should do if faced...

SFAS No. 133: effect on 25 large banks.
June 1, 2003... When it was implemented, Statement of Financial Accounting Standards (SFAS) No. 133, "Accounting for Derivative Instruments and Hedging Activities," was believed to increase banks' exposure to unanticipated gains and losses and to require...

SFAS No. 115: effects on bank capital, securities classification, and portfolio spread.
June 1, 2003... Statement of Financial Accounting Standards (SFAS) No. 115, "Accounting for Certain Investments in Debt and Equity Securities" appeared to be one of the more controversial statements adopted by the Financial Accounting Standards Board (FASB)....

Federal bank regulators seek greater power over" "broken" accounting profession.
June 1, 2003... Enron. Worldcom. Adelphia. These words have become representative of everything that the public perceives as being wrong with the profession of public accounting. Federal bank regulators fret about the addition of banks to this growing list. In...

Effective vendor management.(Regulatory Outlook)
June 1, 2003... Outsourcing a business function to a third-party service provider can be a cost-effective and value-added alternative for many banks, but it is not without risk. In its early stages, most outsourcing in banks involved technology services....

Negligent failure to plan: the next liability frontier?(Risk Management)
June 1, 2003... It's a normal Tuesday, when suddenly a huge blast rocks your workplace. You are jolted out of your seat. After an eerie silence, you hear screams and commotion. People around you start running. Unthinkably, your facility has been the target of...

Proposed standard on business combinations would conform to FASB statements.(International Standards; Financial Accounting and Standards Board)
June 1, 2003... The International Accounting Standards Board (IASB) issued in December 2002 an exposure draft (ED) of a proposed International Financial Reporting Standard (IFRS),"Business Combinations" (ED 3). The new standard, when it becomes effective, will...

Buy-Sell Agreements between Subchapter S corporations and National Bank Directors.(Tax Update)
June 1, 2003... Recently the Office of the Comptroller of the Currency (OCC) issued Advisory Letter (AL) 2003-1, "Buy-Sell Agreements between Subchapter S Corporations and National Bank Directors." The letter refers national banks, especially community...

Preparing to implement New Basel rules on operational risk.(Technology)
June 1, 2003... In April 2003, US financial regulatory agencies published updated guidelines for disaster recovery at financial institutions throughout the nation. These guidelines, while important to the resilience of the domestic financial infrastructure,...