This includes sessions from the conference: National Conference on Banks & Savings Institutions 2018
This session is designed to provide participants with the latest updates and insights on the FASB's credit losses standard, the Current Expected Credit Losses (CECL) model. The session will include updates from the FASB's Credit Losses Transition Resource Group (TRG) discussions as well as issues being discussed by a variety of industry groups, including the AICPA Credit Losses Task Force
• Understand what issues have been discussed and resolved, what is still in process – and what might be around the corner when interpreting FASB’s credit losses standard
• Learn about latest CECL questions being discussed, including discussions at the FASB’s Transition Resource Group (TRG) and the AICPA Depository Institutions Expert Panel (DIEP)
Join us for our blockchain and cryptocurrency learning session. This learning event will feature presentations by Deloitte professionals providing an overview of the blockchain technology that underlies the recent wave of cryptocurrencies (digital assets recorded on a blockchain). Participants will learn insights on the risk assessment and control environment for enterprises leveraging blockchain and considerations for the accounting and regulation for cryptocurrencies.
• Understand the fundamentals of blockchain technology
• Recognize operational aspects of blockchain transactions, wallets, coins, tokens, smart contracts and oracles
• Understand the considerations for risk assessment and control environment for blockchain
• Identify accounting considerations and regulations for digital assets (e.g. cryptocurrencies)
FASB’s recently issued ASU 2017-12 simplifies hedge accounting and provides opportunities for new strategies. In this session, we will discuss hedges common to community banks that can be easily implemented and how to take advantage of the improvements brought about by the ASU. If you are new to hedging or find it too complex, this session is for you.
• Understand the differences in hedging techniques
• Understand the different hedge documentation strategies and which have the least on-going compliance efforts.
• Learn the key concepts of the new ASU including: contractually specified rates, partial term, last-of-layer method, the benchmark component of the contractual coupon, and qualitative effectiveness assessments
• Understand hedging pitfalls to avoid
A consistent message for the FASB's new credit losses standard, the Current Expected Credit Losses (CECL) model, is the importance of data. As community banks are developing their path for adoption, questions arise on how to obtain data, which data is needed, which approach or model makes sense, what governance should be in place. Join this session to hear from a panel of community bankers who are down the road with answers to these questions. This session will cover practical implementation and operational considerations of the CECL model for community banks.
• Gain an understanding of community bankers are beginning the adoption process for CECL
• Understand how the CECL model impacts operations and best practices observed
Cybersecurity threats are escalating, unnerving the boards of directors, managers, investors and other stakeholders of organizations of all sizes. It has become a topic of interest to every financial institution as regulators increase their focus on cyber risks and controls. Financial institutions are under increasing pressure to demonstrate that they are managing threats, and that they have effective processes and controls in place to detect, respond to, mitigate and recover from cybersecurity events, both in their organizations and in their vendor supply chains. In response to this increased focus, the AICPA has developed a new cybersecurity risk management framework that financial institutions can use to communicate their cybersecurity efforts to key stakeholders. The framework supports the AICPA’s new SOC for cybersecurity examination which enables the CPA to provide an independent opinion on a financial institution’s cybersecurity risk management program. The AICPA is also working on a new SOC for Vendor Supply Chains service to help support organizations vendor risk management activities, including the efforts of financial institutions to address systemic risk across the broader connected financial system.
• Understand why cybersecurity is an important risk management issue for financial institutions
• Understand marketplace demands driving the need for communication about financial institution cybersecurity risk management efforts
• Learn about the three elements of the AICPA’s cybersecurity risk management framework, including; (1) Description Criteria, (2) Trust Services Criteria (Control Criteria), and (3) SOC for Cybersecurity guidance for reporting on an Entity’s Cybersecurity Risk Management Program and Controls
• Learn about the evolution of the Trust Services Criteria, and how they are more cyber-centric
•Understand how the new Trust Services Criteria will affect both SOC for Service Organizations and SOC for Cybersecurity and Vendor Supply Chain servicesSpeaker(s):
This session includes a hands on approach to the classificaiton and measurement standard including best practices in adoptions along with a discussion of the key elements surrounding the adoption of the new Financial Instruments Classification and Measurement accounting standard.
• Obtain an understanding of the key technical and operational issues surrounding the adoption of the standard including best practices in completing the adoption exerciseSpeaker(s):
The effective date for FASB’s revenue recognition standard is just around the corner and many community banks will be adopting at the beginning of 2019. The ASU puts in place a common framework for recognizing revenue, largely replacing the industry-specific revenue recognition guidance in GAAP. While the income statement impacted has not been significant for most financial institutions, the revenue streams still need to be evaluated and documented. In addition to sharing observations on the implementation, this session will cover the new disclosures and internal control considerations.
• Understanding how to evaluate revenue under the new standard as well as walking through examples and disclosures that are relevant to community banks
Participants will learn how to apply the new leasing standard and get ready for implementation on 1/1/2019. This session will provide participants with:
• An overview of the standard
• An understanding of the latest updates to the standard
• Insight into issues faced by preparers
• Suggestions on how to implement the standard efficiently
• Obtain an understanding of the key technical and operational issues surrounding the adoption of the standard including best practices in completing the adoption exercise.