Illustrative financial statements for banks and savings institutions, credit unions and mortgage companies posted to AICPA Web site.The AICPA AICPA See American Institute of Certified Public Accountants (AICPA). Depository Institutions Depository institution A financial institution that obtains its funds mainly through deposits from the public. This includes commercial banks, savings and loan associations, savings banks and credit unions. Expert Panel has updated and posted to the AICPA Web site separate illustrative financial statements for banks and savings institutions, credit unions and mortgage companies. These illustrative financial statements are available online only; they will not be included in the forthcoming new Audit and Accounting Guide, Depository The place where a deposit is placed and kept, e.g., a bank, savings and loan institution, credit union, or trust company. A place where something is deposited or stored as for safekeeping or convenience, e.g., a safety deposit box. and Lending Institutions: Banks and Savings Institutions, Credit Unions, Finance Companies and Mortgage Companies. However, they will accompany the related disclosure checklists available through the AICPA product, Checklists and Illustrative Financial Statements for Banks, Savings Institutions, Credit Unions, Finance Companies, and Mortgage Companies. Although illustrative financial statements for banks and savings institutions and for credit unions were previously available through the respective Audit and Accounting Guides, expansion of the sample financial statements to include mortgage companies provides an additional resource tool for preparers and auditors of such financial statements. The illustrative financial statements are in conformity with accounting standards issued up to and including Financial Accounting Standards Board Financial Accounting Standards Board (FASB) Board composed of independent members who create and interpret Generally Accepted Accounting Principles (GAAP). Statement of Financial Accounting Standards No. 150, Accounting for Certain Financial Instruments and Characteristics of Both Liabilities and Equity, No. 132 Revised 2003), Employers' Disclosures about Pensions and Other Postretirement Benefits, Interpretation No. 46 (Revised), Consolidation of Variable Interest Entities, and EITF EITF Emerging Issues Task Force EITF Edinburgh International Television Festival EITF Europe International Taekwon-Do Federation 03-01, "The Meaning of Other-Than-Temporary Impairment and Its Application to Certain Investments." Although the illustrative financial statements are not intended to be comprehensive and are not intended to establish preference among alternative principles acceptable under generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting , they reflect many of the minimum disclosure requirements for the respective entity, and may include certain transactions that are not unique to the entity presented, such as disclosures about segments, employee benefit plans and earnings per share. The illustrative financial statements for banks and savings institutions assume that the entity is a registrant An individual or organization that signs up (registers) for a training class or service. See domain name registrar. of the Securities and Exchange Commission and, accordingly, reflect the application of Articles 3, 3A, 4 and 9 (to the extent that such articles are applicable to these illustrative financial statements) of Regulation S-X S-X Sex of the SEC. To access the illustrative financial statements, visit: www.aicpa.org/members/div/acctstd/illustrative_fs.asp |
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