Bank Accounting & Finance articles from March 2002

Bank Accounting & Finance archives from March 2002

The Enron Tsunami.(Brief Article)(Statistical Data Included)(Editorial)
March 22, 2002... The Enron bankruptcy filing is having a tremendous impact on many aspects of public reporting, corporate governance, and the consulting industry, as this issue of Bank Accounting & Finance shows. In "Improving the Effectiveness of Audit...

Accounting for Derivatives: the latest changes affecting financial institutions.
March 22, 2002... Statement of Financial Accounting Standards (SFAS) No. 133, "Accounting for Derivatives and Hedging Activities," is probably one of the most complicated standards ever issued by the Financial Accounting Standards Board (FASB). Implementing SFAS...

Improving the effectiveness of audit committees: A post-Enron update.
March 22, 2002... In late 1999, the Securities and Exchange Commission (SEC), the various stock exchanges, and the Auditing Standards Board (ASB) of the American Institute of Certified Public Accountants (AICPA) issued new rules and regulations to improve the...

Audit and nonaudit services fees of commercial banks.
March 22, 2002... The Big Five accounting firms are moving to eliminate the practice of providing consulting services to nonaudit clients in order to strengthen auditor independence and improve investors' confidence in independently audited financial statements....

Financial management after Enron.
March 22, 2002... Via disastrous example, the Enron collapse demonstrates the value of a strong management team, especially a strong financial management team. While there were other contributing factors, a downfall of this proportion comes only from reckless...

Trust preferred securitization: market innovations for midsize financial institutions.(Statistical Data Included)
March 22, 2002... Trust preferred securities have been known to the financial marketplace for less than a decade yet have experienced significant evolution in structure and presentation. For bank holding company issuers, the history is even more limited, with...

SEC addresses pro forma financials, accounting policies, and corporate disclosures. (SEC Update).
March 22, 2002... The Securities and Exchange Commission (SEC) recently undertook several actions that will be very important for issuers and users of financial information. The SEC issued two cautionary advices: one regarding the use of pro forma financial...

Money-laundering risks of electronic distribution channels. (Regulatory Developments).
March 22, 2002... Since September 11, 2001, money laundering has become an increased focus of concern for the financial services industry. At the same time, financial services companies facing a difficult economic climate are seeking to sustain or enhance...

New IRS guidance may clarify the conformity election. (Tax Update).(Internal Revenue Service)
March 22, 2002... The conformity election, placed in the Internal Revenue Service (IRS) regulations in 1992, aimed to relieve banks and the IRS from reexamining loan files to prove charge-offs when bank regulators had already reviewed the institution's loan...