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CPA-Scribo-smallbannerClick the link above to visit CPA-Scribo:  A blog of continuing updates of accounting and auditing information created by the Firm’s quality control partner.

 

10.25.13 – Job Postings

McNair, McLemore, Middlebrooks & Co., LLC has a new job posting on their website. Please visit the Careers section of our website to see current job postings.
McNair, McLemore, Middlebrooks & Co., LLC Job Postings

 

1.3.12 – Reporting Organizational Actions

Issuers of stock and securities must report any organizational action that impacts the basis of the securities.
Reporting Organizational Actions

 

7.27.11 – Service Organization Control Reports

The framework surrounding the SAS 70 report has been revised under Statement on Standards for Attestation Engagements (SSAE) No. 16, Reporting on Controls at a Service Organization, to provide more reporting options to address the needs of various users. This new framework became effective for reporting periods ending on or after June 15, 2011.
Service Organization Control Reports – SOC 1, 2 and 3

 

4.22.11 – New FASB Standards

On April 5, 2011, FASB issued ASU 2011-02, A Creditor’s Determination of Whether a Restructuring Is a Troubled Debt Restructuring. FASB cited the need for additional guidance on the topic due to the current diversity in practice in identifying when the modification of a loan results in a troubled debt restructuring (TDR).
New FASB Standards Postcard

 

 4.1.11 – Allowance for Credit Loss Disclosure

On July 21, 2010, FASB issued ASU 2010-20, Disclosures About the Credit Quality of Financing Receivables and Allowance for Credit Losses. The new standard establishes multiple new disclosures requiring financial institutions and other entities to disaggregate by portfolio segment or class its loans and allowance for credit losses. In addition, discussions about the entity’s policies, methodologies and credit risk assessments used in estimating the allowance for credits losses are required.
New! Allowance for Credit Loss Disclosure

 

 3.22.11 – Gain Recognition on Sale of SBA Loans

Small Business Administration Form 1086 is used in the 7(a) loan program to document sales of guaranteed SBA loans in the secondary market. Form 1086 (prior to recent revision) contained 90-day warranty provisions which, under current accounting rules, require the gain recognized on the sale to be deferred until expiration of the 90-day provision.
Timing of Gain Recognition on Sale of SBA Loans

 

 2.11.11 – FDIC Loss Share

The FDIC first introduced the loss sharing concept in certain purchase and assumption transactions in 1991. Since then, the FDCI has entered into over 200 loss sharing agreements with approximately $159.2 billion in assets covered by these agreements.
FDIC Loss Share Brochure