Answer:
This might be a better question for your external SOX auditors and/or your accounting firm. Getting accounting advice from your core provider is usually not the way to go.
Letters of Credit and Call Reports
Answered by:
Question:
We have backing lines attached to our Letters of Credit. Most of our backing lines are secured however, the letters of credit are unsecured. We have been told by our core vendor we must attach a backing line. Questions is, do we report the backing lines that are secured based on the collateral when reporting the call report code or do we report in 4A with the Letter of Credit that is unsecured? We haven't found any definitive answers but we want to make sure we are reporting correctly.
print
share