A computerized accounting system is described herein. At least a portion of the accounting system may have a service oriented architecture. The accounting system may include an accounting service that is capable of storing versioned accounting policies. The various accounting policies may be used to process accounting data to determine the effect of the various accounting policies on the financial results. Also, the accounting system may include an event processing framework which, in one embodiment, may be used to amortize loans, securities and/or guaranty fee items.