Transfer functions like Head Related Transfer Functions (HRTF) needed for binaural rendering are implemented efficiently by a subband-domain filter structure. In one implementation, amplitude, fractional-sample delay and phase-correction filters are arranged in cascade with one another and applied to subband signals that represent spectral content of an audio signal in frequency subbands. Other filter structures are also disclosed. These filter structures may be used advantageously in a variety of signal processing applications. A few examples of audio applications include signal bandwidth compression, loudness equalization, room acoustics correction and assisted listening for individuals with hearing impairments.