Monday - Wednesday, February 24 - 26, 2020
12:00 – 1:30 pm (Eastern Time)
11:00 – 12:30 pm (Central Time)
10:00 – 11:30 am (Mountain Time)
9:00 – 10:30 am (Pacific Time)
This 3-part Accounting Webinar Bootcamp is 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.
Accounting 101: Unique Depository Accounting Principles for Financial Institutions
This first session illustrates a few of the unique bookkeeping mechanisms that depository institution’s follow –daily balancing and single-entry bookkeeping.
This financial services accounting webinar 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
- Allowance for Loan & Lease Losses (ALLL) – CECL
Accounting 201: Illustrative Bank GAAP Financial Statements for Financial Institutions
This 2nd installment of the series is a 90-minute accounting training session which provides attendees with a succinct explanation of GAAP financial statements:
- Balance sheet
- Income statement
- Statement of changes in stockholders’ equity
- Statement of cash flows
- Statements of Accumulated Other Comprehensive Income (AOCI)
- Notes to GAAP financial statements
- Auditor’s report on GAAP
- Supplemental data
Illustrative examples of the essential GAAP presentation data (statements and notes) are reviewed and explained. An overview of the Balance Sheet, Income Statement and notes provides attendees with an essential basic knowledge of typical GAAP financials for a bank or other depository institution.
This overview-type, “big picture” presentation is an excellent preview for Bootcamp Part 3, which focuses on the elements (captions) of the financial statements in detail.
Accounting 301: In-Depth Financial Statement Elements (Assets, Liabilities, Income, Equity)
This final part is a natural, logical follow up to Bootcamp Part 2. Part 3 covers the details behind the financial statement items presented in Part 2. It uses illustrations of the Part 2 financial statements and detailed explanations to explain items such as:
- Composition of Cash and Due from Banks
- 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
- Accrued Interest Receivable
- Other Assets
- Deposits – Demand and Time
- Official Checks
- Fed Funds Purchased and Securities Sold Under Agreement to Re-Purchase
- Accrued Interest Payable
- Other Liabilities
- Equity Accounts
- Income Statement Items
Newcomers to GAAP financial statements for depository institution will take away a wealth of knowledge relating to depository accounting. Experienced banking personnel (accounting, finance, treasury and others) will be provided with a valuable update and refresher.
Paul J. Sanchez, CPA, CBA, CFSA conducts a CPA practice in Port Washington, New York. He is also the owner of Professional Service Associates (PSA), a consulting and professional training and development business servicing corporate clients (auditors, controllers, etc.), CPA firms, professional associations and others. He was an assistant professor at Long Island University – C.W. Post Campus as well as an adjunct lecturer at City University of New York. Prior to starting PSA, he was the Vice President-Professional Development for the Audit Division of a regional bank and Director of Professional Practices and Vice President of a money-center bank, where he directed the professional practice development and training for internal auditors.
4.5 CPE Credits