Hot Topics in Accounting – What you need to know!
By:
Sharon J. Lorman
Richard B. Trauger, Jr.
Guests: Sydney Garmong,CPA, Crowe LLP, National Office Partner in Washington D.C. and Rick Childs, CFA, CPA, Partner and National Practice Leader of Crowe LLP’s Advisory Services
Podcast Show Notes:
Our This Month In Banking (TMIB) podcast features discussion with colleagues and other industry thought leaders on interesting banking topics. TMIB is available on the last Wednesday of every month here, or wherever you get your podcasts, for your listening enjoyment. Join us on your commute, at your desk, or at home.
Topic: Hot Topics in Accounting – What you need to know
Featuring Discussions on Bank M&A
Our guests are Sydney Garmong, CPA, Crowe LLP, National Office Partner in Washington D.C. and Rick Childs, CFA, CPA, Partner and National Practice Leader of Crowe LLP’s Advisory Services.
As both preparers and users of bank financial statements, you need to be aware of some of the “hottest” topics in accounting right now. And TKG is very fortunate to have Sydney Garmong, CPA, a partner in Crowe LLP’s National Office, and Rick Childs, CFA, CPA who leads Crowe’s advisory banking practice, as our guests to shed light on some of these topics! For example, in June 2023, the Financial Accounting Standards Board (FASB) published a proposed Accounting Standards Update (ASU) intended to improve the accounting for purchased financial assets. Is your bank contemplating an acquisition? If so, this topic applies to you! In this podcast, we’ll discuss the elimination of the troubled debt restructuring (TDR) accounting model, recent bank failures and fair value disclosures, goodwill impairment, the FDIC insurance assessment, and headwinds facing the banking industry and M&A activity. Listen and enjoy!
Biographies
Sydney Garmong, CPA
National Office Partner
Crowe LLP
Washington, D.C.
sydney.garmong@crowe.com
Sydney Garmong, LinkedIn
Sydney Garmong is a partner in the national office of Crowe LLP, located in Washington, DC. She focuses primarily on accounting, financial reporting and regulatory issues affecting financial institutions. Sydney serves as one of Crowe’s liaisons with the offices of the chief accountant of the SEC and federal financial institution regulators including the FDIC, the Federal Reserve, the NCUA and the OCC.
Sydney serves as the chairperson of the AICPA’s Credit Losses Task Force, which is focused on accounting and auditing implementation issues of the FASB’s Current Expected Credit Losses (CECL) model. Sydney is a member of the AICPA Depository Institutions Expert Panel (DIEP) and previously served as the chairperson. This committee liaises with regulatory agencies and standard setters, including the FASB, the federal financial institution regulators, and the SEC.
Sydney also is a former member of the Financial Accounting Standards Advisory Council (FASAC), which advises the FASB on agenda projects, priorities and other matters. She is a former member of the Public Company Accounting Oversight Board’s (PCAOB) Standing Advisory Group (SAG).
In addition to addressing technical issues, Sydney is a frequent speaker at industry and regulatory conferences. Sydney currently serves as chairperson for the AICPA National Conference on Bank and Savings Institutions. Sydney is also a committee member of the AICPA National Conference on Credit Unions and served previously served as chairperson.
Sydney is a past chair of the Financial Manager Society’s (FMS) Board of Directors.
Prior to joining Crowe, she was a senior manager at the AICPA in Washington DC where she addressed financial institution and financial instrument accounting, auditing and regulatory matters and worked on financial institution projects with the Financial Reporting Executive Committee (FinREC).
Sydney holds a Bachelor of Science in Finance & Real Estate from Indiana University in Bloomington, IN.
Rick Childs, CFA, CPA
National Practice Leader – Advisory Services, Partner
rick.childs@crowe.com
Rick Childs, LinkedIn
Rick Childs has 35 years of experience in business valuation, transaction advisory services, and accounting for financial services companies.
Rick is the National Practice Leader overseeing the delivery of transaction and valuation services to the Firm’s financial services clientele. Rick’s business valuation experience includes ASC 805 purchase price allocations including a focus on loan valuations, ASC 350 goodwill impairment testing and valuation of customer relationship intangible assets, including core deposit intangibles.
Rick is a frequent presenter for both national and state professional organizations including the S&P Global, Bank Director, AICPA and Financial Managers Society. He has published articles on mergers and acquisitions in the ABA’s Commercial Insights, Community Banker, Bank Director and Bank Accounting & Finance.
Rick holds a Bachelor of Science, Management and a Masters of Science, Management both from Purdue University.
Rick counts among his finest achievements, that he has met Jeff Marsico in person and not just as an X fka Twitter friend!
This podcast relates to The Kafafian Group’s Financial Advisory service. Click here for more information.
Watch for episode 94 of This Month in Banking to be released on Wednesday, October 25th, 2023, and a new episode on the last Wednesday of every month.
Thank you for listening!
Relevant Links
FASB Proposes Acquired Financial Asset Reporting Changes
Goodbye TDRs, hello loan mods and vintage disclosures: FAQ
Fair value disclosures in a volatile interest-rate climate
Goodwill impairment: Bad omen or good news?
Transferring AFS debt securities to HTM
Investments in income tax credit structures: FAQ
September 2023 financial reporting, governance, and risk management