2020 Illustrative Financial Statements for Financial Institutions Released
The BNN banking and financial services industry team has released our 2020 Illustrative Financial Statements for financial institutions. This annual publication has been updated for the year ending December 31, 2020 and includes practical examples of common disclosures applicable to financial institutions as required under generally accepted accounting principles (GAAP) as well as the form and content requirements of the SEC and reflects accounting pronouncements issued through October 15, 2020. Some of the more noteworthy content in the 2020 update includes presentation and disclosure information relating to the adoption of CECL, the new lease accounting standard, as well as COVID-19 pandemic-related disclosure content, which we hope you will find useful as you prepare for the year-end close and your annual financial reporting cycle.
Disclaimer of Liability: This publication is provided as a reference tool to assist clients and friends when preparing annual financial statements and should be used in combination with an evaluation of the facts and circumstances specific to the institution, reviews of the relevant authoritative guidance, and professional advice. It does not constitute accounting, tax, investment, or legal advice; nor is it intended to convey a thorough treatment of the subject matter.