News Articles

13

January

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How to report discontinued operations today

Did your company undergo a major strategic shift in 2016? If so, management may need to comply with the updated rules for reporting discontinued operations that went into effect in 2015 for most companies. Discontinued operations typically don’t happen every year, so it’s important to review the basics before preparing your year-end financial statements. Narrower … Continued

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01

December

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Cybersecurity takes the spotlight

Abstract: Federal and state regulators are increasingly scrutinizing banks’ information security efforts. This article points out that, in light of this heightened scrutiny, banks should review, and if necessary, update their cybersecurity programs. The article explains what examiners look for, including risk identification, risk measurement and risk mitigation. A sidebar discusses increased state regulation of … Continued

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01

December

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New rules on customer due diligence

Abstract: As a result of an action in May 2016 by the Financial Crimes Enforcement Network (FinCEN), financial institutions will be required to verify the identities of the beneficial owners of their legal-entity customers when the owners open new accounts. This article answers some questions regarding the new due diligence rules, such as which institutions … Continued

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01

December

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Bank Wire: Beware of UDAAP

Abstract: This summary of recent developments in banking looks at how the Consumer Financial Protection Bureau has been cracking down on banking practices it views as unlawful under the Dodd-Frank Act’s regulations on unfair, deceptive or abusive acts or practices. In addition, the article cites the evidence supporting use of a fraud hotline and explains … Continued

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01

December

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Don’t compare apples to oranges

Abstract: Borrowers’ accounting practices can vary widely. An accounting tool called “normalizing” can help adjust income statements and balance sheets to compensate for companies’ different accounting methods. Failing to normalize financial statements may result in faulty lending decisions. This article uses some examples to illustrate how normalizing works and the difference it can make in … Continued

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