Accounting for core banking software: ASC 705 and 350-40
A financial institution’s core banking system, or core processing system, is an essential software that provides the backbone for day-to-day operations and transaction processing. Accounting for the costs of these systems can be tricky because of the complexities often involved in these contracts.
The FDIC issued a Financial Institution Letter (FIL) in March, rescinding its prior notification requirement for financial institutions engaging in crypto-related activities. FDIC-supervised institutions may engage in permissible crypto-related activities without prior FDIC approval, provided they manage associated risks effectively.
BerryDunn’s experts offer key takeaways for community banks from the FDIC's Q4 2024 Quarterly Banking Profile. Community banks continue to closely watch the regulatory landscape and substantial changes at the federal level continue to create uncertainty. Technology will likely continue to remain at the forefront of conversations in 2025, particularly with advances in AI and its potential impact on bank operations.
Have you registered yet? Join BerryDunn and Stifel May 28 - 29 at our annual event for New England banking leaders. You’ll get insight to prepare you for upcoming changes in the banking industry, including tax and accounting changes from the new administration, balance sheet strategies, the annual national economic outlook, and more.
In the know: Insights on potential tax changes for banks
BerryDunn offers guidance on navigating potential changes to the tax code, along with insight into potential implications for banks and their larger customers. Tune in for a review of insights shared at the 2024 Bank Tax Institute conference that took place the day after the election, what changes experts think may be coming, and how financial institutions can start to prepare for any potential shifts.
In the know: Q4 trends, updates, and key regulations
Listen in as BerryDunn dives into a review from the Q4 Quarterly Banking Profile, accounting pronouncements, and pending regulations shaping the financial industry.
