We’ve Been Thinking About Year-End Reporting — Have You?
As the year comes to a close, now is a great time to start thinking about your year-end Call Report. Our Statistics team within Supervision, Regulation and Credit at the Richmond Fed would like to share some tips to ensure that your next submission goes smoothly. First, check out the Federal Financial Institutions Examination Council’s (FFIEC) quarterly Financial Institution Letter for important information, such as due dates and any updates to the Call Report instructions.
It has been a busy year for accounting changes. The FFIEC publishes updated Supplemental Instructions every quarter — be sure to review these for guidance on reporting. A few highlights this year include (but are not limited to) the incorporation of ASU 2022–02 into Call Reporting, which eliminates the recognition and measurement accounting guidance for Troubled Debt Restructurings (TDRs) by creditors in Subtopic 310-40, Receivables – Troubled Debt Restructurings by Creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. Financial institutions continue to adopt ASU 2016-13, or CECL; the supplemental instructions provide information on reporting treatment of expected credit losses, as well as links to several additional resources. The supplemental instructions also include information around estimated uninsured deposit reporting in line with FIL 37-2-23 issued by the FDIC on July 24, 2023.
Has your firm undergone a loan coding review this year? If you have modified loan classifications on your Call Report, be sure to check and see if any other associated data needs to be reclassified, like income, nonaccruals or capital. And please be ready to share this information with your Call Report analyst so we can understand and discuss the potential impact to historical Call Report filings.
When you are ready to submit, do you find that your report has edit failures that need to be explained? Be sure to review these edit failures thoroughly — they may identify a reporting error or mathematical error with your report. Correcting this before your final submission saves you from having to revise it later. If you have an explanation to provide for an edit failure, please ensure the explanation fully addresses the edit check — this will save you time from back-and-forth questions with your Statistics analyst.
Earlier this month, our annual Accounting Roundtable was held virtually through Ask the Fed. This virtual accounting roundtable is relevant for institutions who do not have significant accounting support in-house. Topics of the virtual roundtable included recent accounting changes, impacts to financial institutions and a chance to answer questions submitted from financial institutions. If you’d like to review this webinar, please visit the Ask the Fed website to log in and learn more.
Last but not least, don’t hesitate to reach out to us if you have any questions. Our Statistics analysts are here to help with questions to ensure you are able to achieve a successful and timely Call Report submission.
Helpful Resources:
Reporting Resources for Financial Institutions | Richmond Fed
