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Event Name:Essential Principles of Accounting for Financial Institutions - 3-Part Bootcamp
Date:Wednesday, February 22, 2017 11:00am CST
Presented By:BankersHub
Panelist(s) Info: Paul J Sanchez - Owner PSA, Professional Services Associates

This is a 3-part Bootcamp designed to give anyone involved in management of a financial services institution (bank or credit union) the essentials of financial institutional accounting and financial statements.

A series designed not only for persons in the accounting and finance areas, but also as a refresher for seasoned managers and supervisors who need a working knowledge of the aspects and elements unique to financial services accounting.

This bootcamp is designed for professionals with some prior exposure to bank finances.

Part 1: Wednesday February 22, 2017 11:00am - 12:30 pm CT
Unique Depository Accounting Principles

This 90-minute session illustrates a few of the unique bookkeeping mechanisms that depository institution’s follow –daily balancing and single-entry bookkeeping. 

The session also explains and provides examples of the following unique bank GAAP accounting issues such as:

  • Accounting for non-refundable fees and costs – illustrations
  • The recording of OREO (“other real estate owned”) and accounting for the sale of OREO
  • Various off-balance-sheet disclosures
  • Accounting for loan losses, impaired loans and troubled debt restructurings
  • Accounting for marketable securities

Part 2: Thursday February 23, 2017 11:00am - 12:30 pm CT
Illustrative Bank GAAP Financial Statements for Financial Institutions

This 90-minute session consists of a review of several of the typical GAAP financial statements of depository institutions. The primary focus will be on the balance sheet and the income statement.

Specific discussions and examples of the following will be presented:

  • Balance sheet
  • Income statement
  • Statement of changes in stockholders’ equity
  • Statement of cash flows
  • Notes to the financial statements
  • The auditor’s report on the GAAP financial statements
  • Supplemental data
  • MD & A

Part 3: Friday February 24, 2017 11:00am - 12:30 pm CT
In-Depth Financial Statement Elements (Assets, Liabilities, Income, Equity)

This 90-minute session provides explanations of specific elements (assets, liabilities, equity, interest income, interest expense, non-interest income, non-interest expense, current and deferred income tax expense) presented in the typical financial statements. The session will also discuss related business and accounting implications for the elements.

Specific coverage addresses the following:

  • Composition of cash and cash equivalents
  • The right of setoff for receivables and payables
  • Money market investments (interest bearing deposits; Fed Funds sold; securities purchased under agreement to re-sell)
  • Investments (HTM, AFS and Trading Securities)
  • Investments purchased at discount or premium
  • Security gains and losses – realized and unrealized
  • Loans and loan accounting issues
  • Overview of loan reserve activity
  • PP & E
  • Accrued interest receivable
  • Other assets
  • Deposits – demand and time
  • Official checks
  • Fed Funds purchased and securities sold under agreement to repurchase
  • Accrued interest payable
  • Other liabilities
  • Equity accounts
  • Income statement items