News Release 2014-167 | December 12, 2014
Bank Accounting Advisory Series Updated
WASHINGTON — The Office of the Comptroller of the Currency (OCC) today released an update to the Bank Accounting Advisory Series (BAAS).
The BAAS covers a variety of topics and promotes consistent application of accounting standards among national banks and federal savings associations.
This update includes recent answers to frequently asked questions from the industry and examiners covering areas such as acquired loans, allowance for loan and lease losses, other real estate owned, and other borrowings.
The BAAS does not represent official rules or regulations of the OCC. Rather, it represents the 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 be required to provide justification to the OCC.
The OCC plans to update the BAAS annually.
- Bank Accounting Advisory Series (October 2014) (PDF)