FINANCIAL INSTITUTION CONFIRMATION REQUEST Definition

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FINANCIAL INSTITUTION CONFIRMATION REQUEST is a confirmation sent to the client's bank or other financial institution asking the bank to confirm directly to the auditor information about balances at a particular date.

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GOLD PC is a mortgage pool program offered by the Federal Home Loan Mortgage Corporation (FHLMC) that reduces the delay in payments from 45 days to 15 days and broadens its guarantee to include the timely payment of principal.

LCM RULE is an abbreviation for lower-of-cost-or-market rule. LCM requires that an asset be reported on the financial statements at the lower of purchase cost or market value.

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