OCC Updates Bank Accounting Advisory Series

The Office of the Comptroller of the Currency (OCC) has released the 2024 update of its Bank Accounting Advisory Series (BAAS), which “contains staff responses to frequently asked questions from the banking industry and bank examiners on a variety of accounting topics and promotes consistent application of accounting standards and regulatory reporting among national banks and federal savings associations.” In addition to making certain general clarifications, the revised BAAS edition eliminates a few topics and subtopics — including those related to other-than-temporary impairment, troubled debt restructurings, acquired loans, and the allowance for loan and lease losses — which have been superseded as a result of the adoption of the FASB’s credit losses standard, ASC 326, which is now effective for all entities. However, no substantive changes were made to the guide’s existing questions or interpretations.

For more information, see the press release on the OCC’s Web site.