The OCC has released an update to its Bank Accounting Advisory Series that includes recent answers to frequently asked questions in areas such as contingencies and fair value accounting. The BAAS is intended to promote consistent application of accounting standards among national banks and federal savings associations.
While it does not represent official OCC regulations, the BAAS reflects the OCC Office of the Chief Accountant’s interpretations of generally accepted accounting principles and regulatory guidance. OCC-regulated institutions that deviate from these stated interpretations may be required to provide justification to the agency.
Read the BAAS.