FED is inviting comments on a proposal to extend for three years, with revision, several of its reporting forms and comments must be submitted on or before September 18, 2017. These reporting forms are Consolidated Financial Statements for Holding Companies (FR Y-9C), Parent Company Only Financial Statements for Large Holding Companies (FR Y-9LP), Parent Company Only Financial Statements for Small Holding Companies (FR Y-9SP), Financial Statements of U.S. Nonbank Subsidiaries Held by Foreign Banking Organizations (FR Y-7N), and Consolidated Report of Condition and Income for Edge and Agreement Corporations (FR 2886b).
The FED proposes to revise the reporting form and instructions to eliminate the concept of extraordinary items to be consistent with Accounting Standards Update (ASU) 2015-01, reclassify and clarify the reporting for certain tax benefits in the reporting instructions, and replace report form captions and instructions referencing “Loans net of unearned income” with “Loans held for investment.” The changes are to be effective for reports submitted on or after October 01, 2017, beginning with the reports reflecting the September 30, 2017 report date.
Related Link: Federal Reserve Notice
Comment Due Date: September 18, 2017
Keywords: Americas, United States of America, Banking, Accounting, Reporting, FED