Fortner Bayens, P.C. Banking Letter - October 2019 Edition

2019 Compensation Survey Reports

The 2019 Generic Compensation Survey Report is now available on our website. 

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CECL Standard Receives Practice Aid Issued by the AICPA

Ryan P. Pospeck, CPA

On September 9, 2019, the AICPA issued its non-authoritative Practice Aid, Allowance For Credit Losses – Audit Considerations to be used by Auditors and their Community Banking clients in their overall implementation of CECL.

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New Appraisal Thresholds for Residential Real Estate Loans

Michael P. Kurtz, CPA

In September 2019, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, and the Office of the Comptroller of the Currency, the Agencies, issued an amended rule adjusting the threshold for appraisals on residential real estate loans from $250,000 to $400,000. 

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Employee Benefit Plans - Financial Statement Reporting

Michelle L. Steinbronn, CPA

In July 2019 Statement on Auditing Standards (“SAS”) No. 136 was issued by the Auditing Standards Board and addressed the auditor’s responsibility to form an opinion on the financial statements of employee benefit plans (“EBPs”) subject to the Employee Retirement Income Security Act of 1974 (“ERISA”).

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OCC Releases 2019 Bank Accounting Advisory Series 

Andrew A. Marshall, CPA

In August 2019, the Office of the Comptroller of the Currency (OCC) released the annual update to the Bank Accounting Advisory Series (BAAS). This document covers a variety of topics and accounting issues to help aid financial institutions inappropriately applying accounting and regulatory guidance. 

To read more, click here.