An accounting series aimed at promoting consistent application of accounting standards and regulatory reporting among supervised banks has been updated by the Office of the Comptroller of the Currency (OCC) and replaces the version published last year, the agency said in a bulletin Monday.
The OCC said its Bank Accounting Advisory Series (BAAS) reflects updates to accounting standards issued by the Financial Accounting Standards Board (FASB) through March 31, 2021, on such topics as amortization of premiums on callable debt securities; and evaluating goodwill impairment triggering events for private companies. The BAAS also includes answers to frequently asked questions from the industry and bank examiners.
The agency noted that the BAAS isn’t part of OCC regulation. Rather, it represents the Office of the Chief Accountant’s interpretations of generally accepted accounting principles (GAAP) and regulatory guidance “based on the facts and circumstances presented.”
Monday’s bulletin rescinds OCC Bulletin 2020-76, “Accounting: Bank Accounting Advisory Series Updated,” which conveyed the 2020 edition of the Bank Accounting Advisory Series.