OCC released an update to the Bank Accounting Advisory Series (BAAS), which reflects accounting standards updates issued by FASB through March 31, 2018, on topics such as hedging and credit losses. The BAAS covers a variety of topics and promotes consistent application of accounting standards among national banks and federal savings associations. It also includes recent answers to frequently asked questions from the industry and examiners.
BAAS does not represent the official rules or regulations of OCC. BAAS represents the OCC’s Office of the Chief Accountant’s interpretations of generally accepted accounting principles and guidance, based on the facts and circumstances presented. Deviations from these interpretations may raise supervisory concerns. OCC updates BAAS annually.
Related Link: Bank Accounting Advisory Series (PDF)
Keywords: Americas, US, Banking, Accounting, BAAS, Accounting Standards Update, Hedging, CECL, FASB, OCC
Previous ArticleIMF Publishes Report on the 2018 Article IV Consultation with Brazil
EBA published a report analyzing the impact of the unwind mechanism of the liquidity coverage ratio (LCR) for a sample of European banks over a three-year period, from the end of 2016 to the first quarter of 2020.
In response to questions from a member of the European Parliament, the ECB President Christine Lagarde issued a letter clarifying the possibility of amending the AnaCredit Regulation and making targeted longer-term refinancing operations (TLTROs) dependent on the climate-related impact of bank loans.
IASB started the post-implementation review of the classification and measurement requirements in IFRS 9 on financial instruments and added the review as a project to its work plan.
FSB published a report that examines progress in implementing policy measures to enhance the resolvability of systemically important financial institutions.
EBA published a report on the benchmarking of national loan enforcement frameworks across 27 EU member states, in response to the call for advice from EC.
FSB published a letter from its Chair Randal K. Quarles, along with two reports exploring various aspects of the market turmoil resulting from the COVID-19 event.
RBNZ launched a consultation on the details for implementing the final Capital Review decisions announced in December 2019.
The Trustees of the IFRS Foundation, which are responsible for the governance and oversight of IASB, have announced the appointment of Dr. Andreas Barckow as the IASB Chair, effective July 2021.
HKMA issued a letter to consult the banking industry on a full set of proposed draft amendments to the Banking (Capital) Rules for implementing the Basel standard on capital requirements for banks’ equity investments in funds in Hong Kong.
ESRB published an opinion assessing the decision of Swedish Financial Supervisory Authority (FSA) to extend the application period of a stricter measure for residential mortgage lending, in accordance with Article 458 of the Capital Requirements Regulation (CRR).