June 30, 2018 FOCUS.
(For OSCPA members ONLY; please mark your answers.)
1. How many bank acquisitions were there in 2016? a. 227 b. 115 c. 143 d. 161
2. Which of the following has NOT been a factor in rising bank acquisitions since 2012?
a. Increasing capital requirements b. Increased regulatory compliance c. Promises for reduced regulatory burden d. Succession planning issues
3. According to Accounting Standards Codification 805, Business Combinations, merger-related costs such as legal, accounting and consulting fees are:
a. Still capitalized into the acquisition price b. No longer capitalized into the acquisition price c. Recognized post-acquisition d. Expensed upon occurrence by the purchaser
Answers for CPE Self-Study from the January/February 2018 issue: 1-D, 2-C, 3-B, 4-D; 5-C
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Name: ____________________________________________ OSCPA Member No.: ____________________ Firm/Company: ______________________________________ Email address (where the CPE certificate will be sent): _________________________________________________________________________________________________
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4. Per 805, the acquisition date is the date on which: a. Te acquirer obtains regulatory approval b. Te acquirer and target both sign the deal contract c. Te acquirer has been transferred assets and assumed liabilities d. Te acquirer obtains control of the target
5. In keeping with Statement of Financial Accounting Concepts No. 6, Elements of Financial Statements, which of the following assets or liabilities recorded on the target’s balance sheet should be carefully examined before recording on the acquirer’s books during the acquisition process?
a. Current assets b. Non-controlling interest c. Unrecorded payables d. Software contract costs
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After completing the exam above, please mail this page (photocopies accepted) along with your payment information to: Oklahoma Society of CPAs / CPAFOCUS Self-Study / 1900 NW Expressway, Ste 910 / Oklahoma City, OK 73118-1898
12 CPAFOCUS May/June 2018
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