The AICPA Audit and Accounting Guide, Depository and Lending Institutions: Banks and Savings Institutions, Credit Unions, Finance Companies and Mortgage Companies, was prepared to assist financial institutions in preparing financial statements in conformity with GAAP and to assist independent accountants in reporting on the financial statements of those institutions.

Center For Audit Quality - Application of Statement 114 to Modifications of Residential Mortgage Loans That Qualify as Troubled Debt Restructurings (December 2008)

This non-authoritative paper discusses certain issues that have arisen related to accounting for loan modifications. It does not establish new guidance, but is intended to highlight existing GAAP and common practices to help preparers and auditors understand the accounting and financial reporting implications of loan modifications. The objective of the white paper is to assist preparers and auditors by discussing questions related to the application of existing GAAP associated with the application of accounting by creditors for impairment of a loan. Specifically, the white paper describes key provisions of the guidance and presents questions and answers about the application to modifications of residential mortgage loans that qualify as troubled debt restructurings.

This non-authoritative paper discusses existing GAAP associated with commitments to lend money or underwrite securities in the context of illiquid (or less liquid) market conditions. The paper specifically addresses how companies should account for 1) commitments (forward contracts) to underwrite securities and any deterioration in the fair value of the commitments prior to purchase of the underlying securities and 2) any deterioration in the value of the loan commitments prior to funding loans that are not debt securities.