Bank Accounting & Finance articles from June 2008

Bank Accounting & Finance archives from June 2008

Restatements at financial institutions: lessons learned: a review of common problems encountered during restatements at financial institutions.
June 1, 2008... The number of firms restating their financial statements has increased at an alarming pace. Restatements by U.S. public companies increased more than tenfold from 116 in 1997 to 1,195 in 2005. By 2005, approximately one in 13 public U.S....

Managing difficult financial reporting situations: frequently, problems occur as a reporting deadline is imminent.
June 1, 2008... In recent years, financial news has been filled with a litany of misdeeds, including allegations of inappropriate financial asset valuations, insider trading abuses, financial fraud, bribery allegations of government officials, fraud related to...

Developing a comprehensive investment decision framework for mortgages: how to identify opportunities in mortgage-related investments.
June 1, 2008... The recent and ongoing turbulence in the mortgage markets is extreme but not altogether unprecedented--mortgage markets have a history of volatile cycles and rapidly changing landscapes. In the past, major dislocations (such as the 1980s...

Model risk management: key considerations for challenging times: model definition, roles and responsibilities, cross-functional coordination and model validation are among the challenges.
June 1, 2008... Model risk management stands at the forefront of risk management for many of today s financial services firms. In this article, I review the current state of model risk management by focusing on the following two areas: * Model risk...

Reg AB: lessons learned and insights from year one: reports filed by issuers reflect some of the challenges the ABS industry faced in implementing the new disclosure and servicer attestation requirements.(Mortgage Servicing)
June 1, 2008... In late 2004, the Securities and Exchange Commission (SEC) issued final rules for the asset-backed securities (ABS) industry known as Regulation AB (Reg AB), which became effective on January 1, 2006. The intent of the new and amended rules and...

Societe Generale: history repeats itself: companies must understand the risks to which they are exposed and monitor their control environments adequately.(Risk Management)
June 1, 2008... It used to be if you googled rogue trader, most of the stories you would find referred to Nick Leeson. As of mid-March 2008, Investopedia.com was still calling Leeson the "most famous rogue trader" for accumulating more than $1 billion in...

Pozen committee update: improvements to financial reporting: international standards and more principles-based reporting are themes.(SEC Update)
June 1, 2008... The Securities and Exchange Commission (SEC) solicited comments on the Progress Report of the Advisory Committee on Improvements to Financial Reporting to the United States Securities and Exchange Commission (progress report) at the request of...