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Financial Institutions

Biofuel Breaches Prove Worrisome, and Costly

Did you Know?: Your Bank’s Cyber Vulnerabilities may be Public Knowledge

By Sandy Sporleder | July 19, 2021
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Reading Time: 2 minutes
Did you know there might be information about your bank’s cyber vulnerability on the internet? Or that it’s common for a hacker to have access to a system months before an exploit? Or that ‘one password’ compromised is what brought down the entire Colonial pipeline recently? K·Coe’s cybersecurity consultants explain …

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Missouri Bankers Association

FASB Issues Goodwill Triggering Relief for Private & NFP Companies

By Sandy Sporleder | June 8, 2021
Reading Time: < 1 minute
Due to the time consuming, difficult, and often costly analysis involved in testing goodwill impairment of a triggering event, FASB has issued a new standard to provide an alternative evaluation for private and not-for-profit (NFP) companies. Private and NFP companies can now elect to perform a goodwill trigger event assessment …

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New Guidance for Leasing Standard Implementation

Accounting Standard Update: Delayed Effective Date and Its Effects on Leases

By K·Coe Editorial | April 16, 2021
Reading Time: 3 minutes
ASU 2016-02, Leases Update: FASB officially delayed the leasing standard effective date for non-public entities to December 15, 2021 (i.e., January 1, 2022). This standard may not only affect a bank’s balance sheet, but also the balance sheet of their customers. Overview of the ASU Lease Update Effects Effects on …

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Fraudulent Unemployment Claims

What to Do with Fraudulent Unemployment Claims and Receipt of a 1099-G

By Kerry Hatzenbuehler | February 25, 2021
Reading Time: 2 minutes
Scammers are taking advantage of the COVID-19 pandemic and states across the country are seeing an increase in reports of Fraudulent Unemployment Claims due to identity theft. It’s important to know what to do – as family members, employees, and customers may be looking for help after receiving notice that …

Read moreWhat to Do with Fraudulent Unemployment Claims and Receipt of a 1099-G

TEFRA

TEFRA Revisited: Be Careful to Consider Tax Implications

By Sandy Sporleder | February 25, 2021
Reading Time: < 1 minute
As we’re preparing tax returns, we’ve noticed a lot more activity in non-bank-qualified bonds.  As you’re pricing these bonds, you’ll want to take into consideration the tax implications.  The projected yield may not be what you think it is. Over the years, there has been lots of discussion regarding the …

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Uptick in Community Bank Fraud Requires High Alert Right Now

Uptick in Community Bank Fraud Requires High Alert Right Now

By Heather Campbell | February 25, 2021
Reading Time: 2 minutes
Statistics indicate that fraud has accelerated for community banks recently, and the uncertainty surrounding the impacts of the pandemic and election results seem to be the cause.  People are feeling anxious and many are desperate to make ends meet. Banks should be on high alert for both internal fraud with …

Read moreUptick in Community Bank Fraud Requires High Alert Right Now

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