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Illustrative financial statements for banks and savings institutions, credit unions and mortgage companies posted to AICPA Web site.

The AICPA Depository Institutions 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 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 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 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, 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 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 of the SEC.

To access the illustrative financial statements, visit:
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Title Annotation:accounting & auditing news
Publication:CPA Letter
Geographic Code:1USA
Date:Mar 1, 2004
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