The Next Accounting Controversy

  • May 1, 2009

Standard-setters have moved on from fixing fair-value rules and have set their sights on off-balance-sheet accounting and loan-loss provisioning. Revisions to how companies account for off-balance-sheet items and loan-loss provisions will knock fair-value accounting off the front page with respect to financial reporting, according to James Kroeker, acting chief accountant at Securities and Exchange Commission.

AICPA’s 1Q 2009 Economic Outlook Survey

  • April 7, 2009

Each quarter the AICPA posts the results of the AICPA/UNC Kenan-Flagler Business and Industry Economic Outlook Survey. The survey was conducted of AICPA Business and Industry members between January 28, 2009 and February 12, 2009 and had 1,183 respondents. Most of the respondents are CFO's and controllers from privately owned companies.

60 Minutes Interview With Bob Bernanke

  • March 16, 2009

See Bernanke's first TV interview about the financial crisis on 60 minutes.

PBS Frontline “Inside The Meltdown”

  • March 12, 2009

If you didn’t get a chance to see this on TV when it orginally aired you can watch it online. The...

Accounting for Loan Losses-GAAP vs. RAP…Not Again!

  • March 9, 2009

This issue is a lot like the Rocky movies. Just when you think it's over they make another movie! Last week U.S. Comptroller of the Currency, John Dugan said that the accounting rules need to be changed to allow banks to reserve for future losses in the loan portfolio so that earnings would be less volatile. Didn't we just spend the last 14 years hashing out this issue and finally eliminating any differences?

Bair Acknowledges Strong Banker Reaction to Special Assessment

  • March 3, 2009

Oklahoma Bankers Association President and CEO Roger Beverage joined a conference call yesterday with FDIC Chairman Sheila Bair and expressed the views of Oklahoma bankers regarding the FDIC proposed special assessment. Here is an article the OBA published on March 2, 2009:

FDIC Special Assessment Generates Banker Fury

  • March 3, 2009

The Oklahoma Bankers Association posted an article on their website yesterday with the above headline. Fury is a good description of what I am hearing from community bankers throughout the Midwest.

By Switching Their Charters, Banks Skirt Supervision

  • January 22, 2009

At least 30 banks since 2000 have escaped federal regulatory action by walking away from their federal regulators and moving under state supervision, taking advantage of a long-standing system that allows banks to choose between federal and state oversight, according to a Washington Post review of government records.

Treasury Releases Special TARP Terms for S Corporation Financial Institutions

  • January 16, 2009

Under its administration of the troubled asset relief program (TARP), the Treasury has updated its term sheet and released answers to frequently asked questions (FAQs) to provide relief to qualified financial institutions thatare S corporations.