OCC Updates Bank Accounting Advisory Series in August 2019
OCC released an update to the Bank Accounting Advisory Series (BAAS), which reflects accounting standards issued by FASB, through March 31, 2019, on topics such as hedging and credit losses. Additionally, this edition includes recent answers to the frequently asked questions from the industry and examiners. The BAAS covers a variety of topics and promotes consistent application of accounting standards among national banks and federal savings associations.
The BAAS does not represent official rules or regulations of OCC. Rather, it represents OCC’s Office of the Chief Accountant’s interpretations of generally accepted accounting principles and regulatory guidance based on the facts and circumstances presented. National banks and federal savings associations that deviate from these stated interpretations may raise supervisory concerns. OCC updates the BAAS annually.
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Keywords: Americas, US, Accounting, Banking, BAAS, Hedging, CECL, Credit Risk, FASB, OCC
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