Paul Allen Speaks at FDIC Annual Roundtable

5/8/2015 - By Abbey Lelina

Shareholder, Paul Allen was invited to speak at an annual roundtable, hosted by the FDIC Southeast regional office.

His presentation covered current banking topics with an emphasis in accounting, auditing and reporting to guide the conversation between various regulators and auditors that serve banks in the Southeast region.

His Accounting and Financial Reporting Update discussed the recent Revenue Recognition standard, which will go into effect during reporting periods after December 15, 2016. It is a hot topic within all industries because it affects entities that have contracts with customers, prompting them to have a principle-based approach for determining revenue as opposed to using a transaction and industry-specific revenue guide.

He also provided a summary of the significant changes to the Lease Accounting standard, focusing on the potential impact on community banks and their loan customers. He finished the presentation by reviewing the revisions to the COSO Internal Controls Framework, touching on best practices in internal control and risk assessment documentation, and discussing a number of frequently asked questions and top concerns by community bank CFOs.