A variety of accounting topics are addressed in an update issued Monday to an advisory series that the regulator of national banks said is aimed at promoting a “consistent application of accounting standards and regulatory reporting among banks.”
The Office of the Comptroller of the Currency (OCC) said its update to the Bank Accounting Advisory Series (BAAS) contains staff responses to frequently asked questions from the banking industry and bank examiners. The update is contained in OCC Bulletin 2022-10, which the agency said rescinds Bulletin 2021-37, “Accounting: Bank Accounting Advisory Series Updated,” which conveyed last year’s edition of the BAAS.
The agency said the series update reflects updates to accounting standards issued by the Financial Accounting Standards Board (FASB) on topics including amortization of premiums on debt securities with callable options during a preset period, and lessors’ classification of certain leases with variable lease payments.
“The BAAS does not represent rules or regulations of the OCC,” the agency said. “Rather, it represents the Office of the Chief Accountant’s interpretations of generally accepted accounting principles and regulatory guidance based on the facts and circumstances presented.”