2006 Bank News Update

Please read the 2006 Bank News Update to get information on the following select pronouncements that may affect your bank:

• Accounting & Auditing
  • Stock Option Reporting Under FAS 123R
  • Proposed Amendment of FASB Statement 140
  • Proposed Revisions to FASB Statement No. 141, Business Combinations
  • FHLB Stock Impairment and SOP 01-6, Accounting by Certain Entities that Lend to or Finance the Activities of Others
  • New Standards From the Auditing Standards Board
  • SOP 03-3, Accounting for Certain Loans or Debt Securities Acquired in a Transfer
  • FSP SOP 94-6-a, Nontraditional Loan Products
  • Changes to FDICIA Requirements
• SEC Update
  • Potential Changes Related to Sarbanes-Oxley Section 404
  • Form 8-K Requirements
  • Staff Accounting Bulletin No. 107 Issued to Address Share-Based Payment Questions
  • MD&A Reminder
  • PCAOB Releases Inspection Deficiency Analysis
  • AICPA Holds 33rd Annual SEC Conference
• Tax Highlights
  • Schedule M-3
  • E-Filing
  • Restricted Stock Awards — A Refresher on the Employee Tax Implications
  • Is it Time to Add Roth Contributions to Your 401(k) Plan?
  • Additional Guidance Received on the New Restrictions to Deferred Compensation 
  • Provisions Affecting S Corporation Electing Banks and Holding Companies — Technical Corrections
• Regulatory Update
  • Bank Secrecy Act
  • Flood Disaster Protection Act
  • Home Mortgage Disclosure Act
  • Electronic Funds Transfer Act
• Technology
  • Technology Trends: 2006 Outlook
  • Regulators Are Becoming More Focused on Information Technology Audits