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June 2, 2010

Grant Thornton aids in failed bank acquisitions

Grant Thornton US has created a white paper to help institutions understand the accounting challenges behind acquiring failed banks.

Grant Thornton said the number of failed banks has increased drastically in recent years, leading to more acquisitions.

The white paper, Accounting for FDIC–assisted transactions: Acquisition of loans, application of ASC 310-30 and other issues, was prepared due to the complex nature of the associated accounting rules.

It tackles topics including:

  • Applying GAAP purchase accounting to the acquisition of loans;  
  • Accounting for loans purchased with deteriorated credit quality;
  • The intricacies and complexities on the application of ASC 310-30, a US accounting standard that provides guidance on certain acquired loans;
  • Changes in cash flow estimates; and
  • Pooling of certain acquired loans.

The white paper is a follow-up to Grant Thornton’s Troubled Bank Opportunities and offers a closer examination into the technical accounting aspects of failed bank acquisitions.

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