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News Release 2020-106 | August 17, 2020

Bank Accounting Advisory Series Updated

WASHINGTON — The Office of the Comptroller of the Currency (OCC) today released an update to the Bank Accounting Advisory Series (BAAS).

The BAAS covers a variety of topics and promotes consistent application of accounting standards among national banks and federal savings associations.

This edition of the BAAS reflects accounting standards issued by the Financial Accounting Standards Board on such topics as troubled debt restructurings and credit losses. Additionally, this edition includes recent answers to frequently asked questions from the industry and examiners.

The BAAS does not represent rules or regulations of the OCC. Rather, it represents the OCC’s Office of the Chief Accountant’s interpretations of generally accepted accounting principles and regulatory guidance based on the facts and circumstances presented.

The OCC updates the BAAS annually.

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