Clifton Gunderson LLP - A nationwide firm of Certified Public Accountants and Consultants

September 2011

Posted September 7, 2011

Read the Full Newsletter

In this issue:

New Guidance and Clarification on Troubled Debt Restructuring

FASB has issued new guidance and clarification for financial institutions on determining if a restructuring is a troubled debt restructuring. If implemented as proposed, the new rules would have a significant impact on the financial statements of some lenders.

Bank Audit Committee 101: Back to Basics

Bank boards continue to focus attention on the role and effectiveness of audit committees. As we enter the fourth quarter of the calendar year, perhaps this is an opportune moment for members of financial institution audit committees to revisit the fundamentals and best practices for today’s audit committees.

Serious Tax Reform and Tax Savings in 2011

Tax legislation passed late in 2010, as well as some existing tax laws, offers opportunities to reduce corporate tax liability in the current tax year. Here are a few options for your financial institution and your customers.