Bank Accounting & Finance articles from October 2004

Bank Accounting & Finance archives from October 2004

Basel II for non-Basel II banks.
October 1, 2004... The release in June of the International Convergence of Capital Measurement and Capital Standards: A Revised Framework, better known as Basel II, has made big news across the banking industry in much of the world. Here in the United States,...

Information technology and Sarbanes-Oxley compliance: what the CFO must understand.
October 1, 2004... With deadlines for implementing Sarbanes-Oxley compliance rapidly approaching, CEOs and CFOs of publicly traded companies across the country are stepping up to the task of validating corporate financial reports--fully aware that they face fines...

Transforming the finance function.
October 1, 2004... When bankers develop new products or business strategies, finance people often complain saying that bankers rarely consider them partners. When this happens, both sides are missing a great opportunity. Bankers miss the chance to have a...

The importance of auditing the asset/liability management process.
October 1, 2004... On June 30, 2004, Alan Greenspan and the Federal Open Markets Committee (FOMC) raised the targeted fed funds rate for the first time since May 2000 and officially set off the next rising rate cycle. Although market indicators suggest that...

Recent IRS guidance is generally favorable for banks.(Tax Update)
October 1, 2004... Several new Treasury Department releases are of particular interest to banks and other financial institutions, notably, Rev. Rul. 2004-52 (1) and Rev. Proc. 2004-32 (2) on the treatment of annual fees on credit cards; Rev. Proc. 2004-33 (3) on...

SEC approves Auditing Standard No. 3, "Audit Documentation".(Auditing)
October 1, 2004... On August 26, 2004, the Public Company Accounting Oversight Board (PCAOB) announced that the Securities and Exchange Commission (SEC) had approved Auditing Standard No. 3, "Audit Documentation" that was issued by the PCAOB on June 6, 2004. This...

Inconsistent standard remain for accounting for Financial Instruments.(International Standards)
October 1, 2004... Listed companies in the European Union (EU) are due to use International Financial Reporting Standards (IFRS) (1) for consolidated financial statements from 2005. Companies can only apply IFRS if the European Commission ("the Commission") has...

Meeting interagency requirements for resiliency.(Regulatory Outlook)
October 1, 2004... The events of September 11, 2001, underscored the intricacy of the interrelated markets and participants, juxtaposing how one participant's ability to operate can affect other organizations besides its immediate counterparties. As a result,...