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United States General Accounting Office Washington, D C 20548 Comptroller General of the United States part1 docx

United States General Accounting Office Washington, D.C. 20548 Comptroller General of the United States _part1 docx

United States General Accounting Office Washington, D.C. 20548 Comptroller General of the United States _part1 docx

... versionwww.adultpdf.comGAO United States General Accounting Office Washington, D. C. 20648 Comptroller General of the United States B-l 14831 To the Board of Directors Federal Deposit Insurance Corporation ... versionwww.adultpdf.comPwe 2 GAOIAFMD-92-78 Bank Ineurence Fund This is trial versionwww.adultpdf.comGA!0 United States General Accounting Office Washington, D. C. 20548 Comptroller General of the ... audited the accompanying statements of financial position of the Bank Insurance F’und as of December 31,199l and 1990, and the related statements of income and fund balance and statements of...
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United States General Accounting Office Washington, D.C. 20548 Comptroller General of the United States _part2 pot

United States General Accounting Office Washington, D.C. 20548 Comptroller General of the United States _part2 pot

... were, in fact, recorded in LAMIS. Of these 45 files, 3 (7 percent) had not been recorded at the time of our audit. FDIC's Office of the Inspector General conducted an audit of LAMIS ... resolution could result in the need for increased funding. Future events in the thrift industry could also significantly affect the adequacy of the funding provided. Under the FDIC Improvement Act, ... and Attendance attendance accounting and reporting process. Because FDIC allocates Accounting and Reporting payroll expenses among the several funds it administers, lack of adherence Procedures...
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United States General Accounting Office Washington, D.C. 20548 Comptroller General of the United States _part3 potx

United States General Accounting Office Washington, D.C. 20548 Comptroller General of the United States _part3 potx

... the FDIC direct the heads of the Division of Accounting and Corporate Services and Division of Liquidation to l conduct, on a quarterly basis, an analysis of collection experience as a compensating ... each Fund under the FDIC’s management are allocated on the basis of the relative degree to which the expenses were Incurred by the Funds. DepreclaUon. The Washlngton offlce bulldings and the ... and accretlons are computed on a daily basls from the date of acquisltlon to the date of maturii. Interest Is calculated on a dally basis and recorded monthly using the constant yield method....
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United States General Accounting Office Washington, D.C. 20548 Comptroller General of the United States _part4 doc

United States General Accounting Office Washington, D.C. 20548 Comptroller General of the United States _part4 doc

... Februuy 21, lW2, Ddlar Dry Dock was dedared Insolvent by the state chanerlng authorlty and wbaequntfy dosed and the FDIC was appolnted receiver. The FDIC appmved the sate of the failed h#tktJlkm ... FDIC Board of Directors approved an Increase in the assessment rate to 0.230 percent (23 cents per $100 of domestlc deposits) for the second semiannual period of 1991 and thereafter. The FDI ... Shield of the Natlonal Capkal Area, with hospital coverage and a major medical wrap- around. The dental care Is underwritten by Connecticut General Insurance Company. The FDIC makes the same contrtbutbns...
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United States General Accounting Office Washington, D.C. 20548 Comptroller General of the United States_part1 potx

United States General Accounting Office Washington, D.C. 20548 Comptroller General of the United States_part1 potx

... 31,1993. We conducted our audits pursuant to the provisions of section 17 (d) of the Federal Deposit Insurance Act., as amended (12 U.S .C. 1827 (d) ), and in accordance with generally accepted government ... government auditing standards. We are sending copies of this report to the Acting Chairman of the Board of Directors of the Federal Deposit Insurance Corporation; the Chairman of the Board of Governors ... in accordance with generally accepted accounting principles, and (3) transactions of BIF, SAIF, and FRF were executed in accordance with significant provisions of selected laws and regulations....
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United States General Accounting Office Washington, D.C. 20548 Comptroller General of the United States_part2 potx

United States General Accounting Office Washington, D.C. 20548 Comptroller General of the United States_part2 potx

... should be deposited the same day. However, the servicer does not reconcile checks received each day to checks processed and deposited, nor does the servicer promptly process all checks received ... Adopted uniform procedures for processing and reconciling cash receipts at its consolidated receivership offices. Because FDIC is in the process of merging certain consolidated receivership offices ... sales, certain account officers discounted appraised values of these assets, some used 100 percent of the appraised value, and others used FDIC'S minimum acceptable price assigned to the...
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United States General Accounting Office Washington, D.C. 20548 Comptroller General of the United States_part3 pot

United States General Accounting Office Washington, D.C. 20548 Comptroller General of the United States_part3 pot

... recommend that the Acting Chairman of the Federal Deposit Insurance Corporation direct FDIC’S division and office heads to enforce the revised policies and procedures in FDIC’S Time and Attendance ... Services and Division of Finance to verify and document the accuracy and completeness of the balances and activity reported to FLHC by contracted asset servicers back to the servicers’ detail ... in the internal controls of one contracted servicer, we recommend that the Acting Chairman of the Federal Deposit Insurance Corporation direct the heads of the Division of Depositor and Asset...
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United States General Accounting Office Washington, D.C. 20548 Comptroller General of the United States_part4 doc

United States General Accounting Office Washington, D.C. 20548 Comptroller General of the United States_part4 doc

... subject to uncertainties because of changing economic conditions. These factors could reduce the claimants’ actual recoveries upon the sale of these assets from the level of recoveries currently ... represents the difference between amounts advanced and the expected repayment, based upon the estimated cash recoveries from the management and disposition of the assets of the assisted or failed bank, ... finding regarding regulatory insolvency as the determining factor in defining the existence of the “accountable event” that triggers loss recognition under generally accepted accounting principles....
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United States General Accounting Office Washington, D.C. 20548 Comptroller General of the United States_part5 pdf

United States General Accounting Office Washington, D.C. 20548 Comptroller General of the United States_part5 pdf

... Statements 19. Disclosure about Recent Financial Accounting Standards Board Pronouncements The Financial Accounting Standards Board has issued Statement of Financial Accounting Standards No. 112 ... does not consider discounted future cash tlows because the FDlC cannot predict the timing of events with reasonable accuracy. For this reason, the FDIC considers the total estimate of these losses ... these benefits is not recognized because the amount cannot be reasonably estimated. In May, 1993, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards...
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United States General Accounting Office Washington, D.C. 20548 Comptroller General of the United States_part6 pot

United States General Accounting Office Washington, D.C. 20548 Comptroller General of the United States_part6 pot

... defining the existence of the “accountable event” that triggers loss recognition under generally accepted accounting principles. As with any of its estimated losses, the FDIC cannot predict the ... Policies General These financial statements pertain to the financial position, results of operations and cash flows of the SAIF, and are presented in accordance with generally accepted accounting ... condition, which resulted from the government assistance provided. Heartland’s Board of Directors consented to the Office of Thrift Supervision’s appointment of the FDIC (SAIF) as receiver on October...
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