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May 19, 2010
Operational systems fall short in handling today’s complex GAAP accounting requirements, forcing CFOs to search for systems that address these structural accounting needs specifically according to a new white paper just released by Primatics Financial
“Technology offerings in this field currently match the traditional siloed organizational structures banks have implemented over the years; however, the recent GAAP pronouncements are now calling into question that approach all together” comments Jeff Sant, co-author of the white paper, GAAP Loan Accounting: Why Bank CFO Organizations Need Their Own Loan Accounting System. The white paper outlines the challenging accounting and reporting requirements facing financial institutions, specifically banks that purchase or carry impaired loans in their portfolio. It continues to discuss which types of operational business architectures are best equipped to satisfy the GAAP accounting and reporting involved with SOP 03-3 and FAS 141R. The ultimate conclusion, according to Primatics Financial, is that bank CFO organizations need to invest in their own loan accounting system to address GAAP accounting regulations and increased analytical requirements. The consolidation in the marketplace is just the first industry trigger supporting this fundamental shift in business architecture.
To read the entire white paper, please click below.
GAAP Loan Accounting: Why Bank CFO Organizations Need Their Own Loan Accounting System
If you’d like more information on this topic, please call Tracy Swensson at 703.342.0046 or e-mail Tracy at tswensson@primaticsfinancial.com.
About Primatics Financial
Primatics Financial was founded in 2004 to provide accounting compliance, analytics, valuation, and risk management to small, medium and large size financial institutions. A leading-edge consulting and product development firm, Primatics is widely recognized for its ability to combine innovation with extensive domain expertise – bridging the gap between data, analytics, accounting, and technology to deliver progressive, promising end-to-end solutions. For more information about Primatics, call 703.342.0040 or visit www.primaticsfinancial.com.
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