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Financial Instruments and Institutions: Accounting and Disclosure Rules, 2nd Edition

ISBN: 978-0-470-13957-8
432 pages
July 2007
Financial Instruments and Institutions: Accounting and Disclosure Rules, 2nd Edition (0470139579) cover image
This book is an authoritative guide to the accounting and disclosure rules for financial institutions and instruments. It provides guidance from a “fair value” perspective and demonstrates the simplest and most natural measurement basis for reporting financial instruments, as is relevant for thrifts, mortgage banks, commercial banks, and property-casualty and life insurers.
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Preface.

Acknowledgments.

CHAPTER 1. Financial Instruments and Institutions.

Main Ingredients of the Analysis of Financial Instruments.

Activities and Risks of Financial Institutions.

Valuation of Financial Institutions in Practice.

CHAPTER 2. Nature and Regulation of Depository Institutions.

Activities of Depository Institutions.

Bank Regulation.

Bank Subtypes.

Recent Trends.

CHAPTER 3. Thrifts.

Financial Statement Structure.

Main Risk-Return Trade-Offs and Financial Analysis Issues.

CHAPTER 4. Interest Rate Risk and Net Interest Earnings.

Views of Interest Rate Risk.

Interest Rate Risk Concepts.

Analysis of Net Interest Earnings.

Rate-Volume Analysis.

Repricing Gap Disclosures.

CHAPTER 5. Credit Risk and Losses.

Economics of Credit Risk.

Accounts for Loans and Loan Losses.

Accounting and Disclosure Rules for Unimpaired Loans.

Accounting and Disclosure Rules for Impaired Loans.

Loan Portfolio Quality and Loan Loss Reserve Adequacy.

Research on Banks’ Loan Loss Reserves.

Appendix 5A: SunTrust Banks—After the Restatement.

CHAPTER 6. Fair Value Accounting for Financial Instruments: Concepts, Disclosures, and Investment Securities.

Fair Value Accounting for Financial Instruments.

Disclosures of the Fair Value of Financial Instruments.

Investment Securities.

Appendix 6A: Washington Federal’s Big Gap.

CHAPTER 7. Mortgage Banks.

Mortgage Banking Industry, Major Players, and Activities.

Financial Statement Structure.

Main Risk-Return Trade-Offs and Financial Analysis Issues.

Accounting for Fees and Costs.

CHAPTER 8. Securitizations.

Why and What?

Securitization Structures.

SFAS No. 140.

Financial Analysis Issues.

Empirical Research on Securitizations.

Servicing Rights and Prepayment-Sensitive Securities.

Appendix 8A: Doral Financial’s Interesting Interest-Only Strips.

CHAPTER 9. Elements of Structured Finance Transactions.

Special-Purpose/Variable-Interest Entities.

Related Transactions.

Hybrid Financial Instruments.

Financial Guarantees.

Recent SEC Decisions Regarding Structured Finance Transactions.

CHAPTER 10. Commercial Banks.

Balance Sheet.

Income Statement.

Cash Flow Statement.

CHAPTER 11. Derivatives and Hedging.

Derivatives.

Hedging.

SFAS No. 133 (1998), as Amended.

Framework for Assessing Financial Institutions’ Derivatives and Hedging.

CHAPTER 12. Market Risk Disclosures.

Overview of FRR No. 48 (1997).

Tabular Format.

Sensitivity Approach.

Value-at-Risk Approach.

Comparison of Disclosure Approaches.

Effect of SunTrust’s Derivatives and Hedging on Its Market Risk.

Research.

Appendix 12A: Bank of America’s Derivatives, Hedging, and Market Risk.

CHAPTER 13. Lessors and Lease Accounting.

Competitive Advantages of Leasing.

Lease Structures and Contractual Terms.

Lessors’ Risks.

Lease Accounting Methods.

Analysis Issues Regarding Lease Accounting Methods.

Special Lease Transactions.

Lessors’ Financial Statements.

Lease Disclosures.

Possible Future Changes in Lease Accounting.

CHAPTER 14. Insurers and Insurance Accounting.

Products.

Risk-Return Trade-Offs.

Regulation.

Primary Insurance Accounting Standards.

Accounting Standards Governing Embedded Derivatives and Other Life Insurance Policy Features.

Financial Statements.

Line of Business Disclosures.

Other Insurance Accounting Systems.

CHAPTER 15. Property-Casualty Insurers’ Loss Reserve Disclosures.

Loss Reserve Footnote.

Loss Reserve Development Disclosures.

Calculating Loss Reserves by Accident Year.

Calculating Loss Reserve Revisions by Accident Year.

Calculating Claim Payments by Accident Year and Tail.

Constructing Accident Year Loss Reserve T Accounts.

Property-Casualty Expense Ratios.

CHAPTER 16. Reinsurance Accounting and Disclosure.

Accounting and Analysis Issues.

Reinsurance Contracts.

Accounting for Reinsurance Contracts.

Reinsurance Disclosures and Analysis.

Evolution of Financial Reporting for Reinsurance.

Index.

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Stephen G. Ryan is an Associate Professor of Accounting and Robert Stovall Faculty Fellow at the SternSchool of Business, New York University. Prior to that position, he was an assistant professor of accounting at the Yale School of Organization and Management and has been an associate consultant with Bain & Company. He has written numerous articles that have appeared in such publications as Accounting Horizons, Financial Analysts Journal, the Accounting Review, and the Journal of Financial Statement Analysis. He is an Editor of the Review of Accounting Studies. In addition, he is on the FASB's Financial Institutions Advisory Group and its Liabilities and Equity Resource Group.
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