Instructions for 10-Q for Banks?
- Thread starter Mencken76
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I guess the question isn't framed right because of my limited knowledge.
Since the 10Q has to correlate with the Call Report I should just download the latter right?
I'm working on sections of the 10Q for loans and investments. Having never done this before I need some guidance on how to classify them. I can figure it out by looking at past reports but this is time consuming and cumbersome. This is pretty basic stuff for someone educated in accounting, I'm good at understanding accounting concepts at first blush but I don't process information as quickly because I haven't been through the thousands of exercises/work papers that accountants must master before attaining their degree. I plan on going back to school asap but in the meantime need to study on my own as well.
Specific provisions for earning loans is pretty clear, incurred but not report collected provisions isn't. Is the difference between the two simply a matter of identification, e.g., the former group is one in which you know the particulars of every loan that you're setting aside reserves for or is it more subtle then that?
Those are the kinds of questions I need to answer. Would the best place to start be the Call Report instructions and the FAS bulletins or is there a more comprehensive (all-in-one) publication that is more handy as a reference tool?
Counterofbeans
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While I am well versed in general 10Q/10K requirements, the banking industry isn't one I know well. Hopefully someone in that industry can chime in with some good thoughts.
I will say this though...
Yeah, that might suck, but I wouldn't mess with disclosing something inconsistently. That has potential to be a mess and put egg in your face if you get challenged by, say, an investor, the SEC, etc. If it's material enough, it can expose a company, and its directors and officers, to liability under the federal securities laws.
Lastly, don't blow off Section 906 of SOX, which basically requires the CEO and CFO to certify that the 10Q fully complies with Sections 13(a) or 15(d) of the Exchange Act.
When/if you get to questions about how to interpret something in the 10Q instructions, Reg S-K, etc. then I can help, but I have no clue how these rules overlap with the Call Report requirements.
I will say this though...
If you are working on a 10Q filing, I don't think there's any question that I'd go through that exact leg work and make sure you understand how things were previously grouped and disclosed publicly.
Yeah, that might suck, but I wouldn't mess with disclosing something inconsistently. That has potential to be a mess and put egg in your face if you get challenged by, say, an investor, the SEC, etc. If it's material enough, it can expose a company, and its directors and officers, to liability under the federal securities laws.
Lastly, don't blow off Section 906 of SOX, which basically requires the CEO and CFO to certify that the 10Q fully complies with Sections 13(a) or 15(d) of the Exchange Act.
As stated above, I'm far from an expert in the banking industry and the related Call Report requirements, but there's no question that if I were working on a 10Q, I would be focused on the 10Q instructions, which will rope in the related Regulation S-K and S-X requirements. How much these overlap with Call Reports I'm not sure, but that's clearly the place to start, as those ARE the rules when it comes to these particular filings.
When/if you get to questions about how to interpret something in the 10Q instructions, Reg S-K, etc. then I can help, but I have no clue how these rules overlap with the Call Report requirements.
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You got it.! The specific group was specifically evaluated. The rest was collectively evaluated