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
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