Bank Accounting Advisory Series Updated — 2023-08-15

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released its annual update to the Bank Accounting Advisory Series (BAAS). The BAAS 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. This edition of the BAAS reflects updates to clarify the application of accounting standards issued by the Financial Accounting Standards Board on topics including the elimination of recognition and measurement of troubled debt restructurings by creditors, loan modifications, and credit losses. The BAAS does not represent rules or regulations of the OCC. 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.