Agency staff responses to frequently asked questions (FAQs) on a variety of accounting topics from both banks and their examiners are addressed in an updated bank accounting series, the national bank regulator said Aug. 15.
The Office of the Comptroller of the Currency (OCC) said its updated Bank Accounting Advisory Series(BAAS) also aims to promote “consistent application of accounting standards and regulatory reporting among banks.”
“This edition of the BAAS revises certain content for general clarity and also removes superseded content,” the OCC said. “The updates do not alter the OCC Office of the Chief Accountant’s prior conclusions or interpretations.”
The OCC noted, as it does typically, that the BAAS does not represent rules or regulations of the OCC, but rather represents the agency’s Office of the Chief Accountant interpretations of generally accepted accounting principles (GAAP) and regulatory guidance “based on the facts and circumstances presented.”
Accounting: Bank Accounting Advisory Series Updated