FED Publishes Federal Register Notice on Reporting Form FR Y-9
FED published the Federal Register notice extending for three years, with revision, the mandatory FR Y-9 family of reports on financial statements for holding companies. The FR Y-9 family of reports includes the reporting form FR Y-9C, which refers to the Consolidated Financial Statements for Holding Companies. FED had also posted an OMB supporting statement on FR Y-9C among others, on March 16, 2018. The accounting changes would be effective beginning with the reports reflecting the March 31, 2018 report date for changes related to equity securities and June 30, 2018 for all other changes.
FED had published a proposal to extend, with revision, the FR Y-9 family of reports in January 2018. The comment period for this proposal expired on March 05, 2018 and FED had received one comment from a banking association. FED is implementing a number of revisions to the FR Y-9C reporting requirements, most of which are consistent with the recent changes to the FFIEC Consolidated Reports of Condition and Income (FFIEC 031, FFIEC 041, and FFIEC 051). The revisions to the FR Y-9C include deletions, consolidations of existing data items into new data items, reductions in reporting frequency, and new and revised reporting thresholds for certain data items. The FED is also making changes to the reporting forms and instructions for the FR Y-9C to implement accounting changes related to equity securities under the Accounting Standards update on Recognition and Measurement of Financial Assets and Financial Liabilities (ASU No. 2016-01).
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Effective Date: March 31, 2018 (changes on equity securities); June 30, 2018 (for other changes)
Keywords: Americas, US, Banking, Reporting, FR Y-9C, Dodd-Frank Act, FED
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