Answers to frequently asked questions from banks and examiners on a variety of accounting topics are outlined in an update to the bank accounting advisory series (BAAS) from the national bank regulator, the agency said Friday.
According to the Office of the Comptroller of the Currency (OCC), the updated BAAS also revises certain content for general clarity and removes questions that are no longer relevant. However, it does not alter the prior conclusions or interpretations of the OCC Office of the Chief Accountant, the agency said.
The OCC said the BAAS, which is updated annually, is aimed at promoting consistent application of accounting standards and regulatory reporting among national banks and federal savings associations. On the other hand, the agency said, it does not represent rules or regulations of the agency. It does contain, the OCC said, agency interpretations of generally accepted accounting principles and regulatory guidance based on the facts and circumstances presented.
Bank Accounting Advisory Series Updated
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