FED Proposes to Revise and Extend Date of FRY-11/11S and FR 2314/2314S

FED is proposing to revise the instructions for Schedule IS and related line item captions on the reporting form to remove the term “extraordinary items” and replace it with “discontinued operations” on the Financial Statements of Foreign Subsidiaries of U.S. Banking Organizations (FR 2314); this will be effective for reports submitted on or after October 01, 2017, beginning with the reports reflecting the September 30, 2017 report date. This reflects ASU No. 2015-01, “Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items,” issued by the Financial Accounting Standards Board in 2015. Additionally, the FED proposes to replace report form captions and instructions referencing “Loans net of unearned income” with “Loans held for investment,” where applicable.

Related Link: Federal Reserve Notice

Comment Due Date: September 18, 2017

Keywords: Americas, United States of America, Banking, Accounting, Reporting, FED