Monday, May 10, 2021
2:00 – 3:30 pm (Eastern Time)
1:00 – 2:30 pm (Central Time)
12:00 – 1:30 pm (Mountain Time)
11:00 – 12:30 pm (Pacific Time)
In an effort to reduce regulatory burden (i.e. excessive overhead) the FFIEC, the umbrella group of primary regulators, introduced a new Call Report (FFIEC #051) for depository institutions with domestic offices only and less than $5 billion total assets.
This new Form #051 will save many hours of unnecessary work on the part of small institutions’ preparers of Call Reports.
The new Form #051 allows a switch from the long, detailed Form #041.
This important webinar will focus on the most recent Call Report made available for small depository institutions – Form FFIEC #051.
This Accounting training will cover questions related to reducing regulatory burden such as the following:
- What is the purpose for Form #051?
- Who (which entities) should use the Form #051?
- What is the reason for the new Schedule SU, Supplemental Information?
- What Schedules have been significantly changed because of the new Schedule SU?
- What frequency of reporting changes have been made on FFIEC #051?
- What threshold changes have been made on FFIEC #051?
- What lines have been removed from FFIEC #051?
This overview of the entire #051 Call Report will give preparers valuable information that will help then prepare the new report efficiently. Those who use the #051 in place of FFIEC #041 will experience significant time savings.
To learn which depository institutions are allowed to file the Form #051
To understand the differences between the items on Form #051 and Form #041
To comprehend what to do when there is a shift in reporting status (e.g. when certain threshold amounts are achieved)
To fully understand each of the seven (7) supplemental Schedule SU Indicator Questions
To know exactly what Schedules and/or lines on FFIEC #041 are no longer needed when completing FFIEC #051
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.
1.5 CPE Credits & 1.8 AAP Credits