Resources
OCC issues 2023 edition of "Bank Accounting Advisory Series"
ARTICLE | August 31, 2023
Authored by RSM US LLP
The Office of the Comptroller of the Currency (OCC) issued the 2023 edition of its Bank Accounting Advisory Series (BAAS) publication in August 2023. This publication expresses the OCC's views on a variety of accounting topics relevant to the financial institutions industry. Changes in the 2023 edition included adding new questions, many of which relate to loan modifications. This edition was also updated to assume that financial institutions have adopted Accounting Standards Update (ASU) 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, and ASU 2016-02, Leases (Topic 842). Various topics and subtopics were removed, relocated or otherwise revised as a result of the implementation of these standards.
The BAAS does not represent official rules or regulations of the OCC, but rather interpretations of generally accepted accounting principles and guidance based on facts and circumstances, presented in an FAQ format. While the OCC regulates certain banks, the concepts and interpretive guidance included in the BAAS may be relevant to other regulated banks and credit unions, as well as non-regulated financial institutions such as mortgage companies and specialty finance companies. Information in this publication does not replace the guidance found in the Financial Accounting Standards Board's Accounting Standards Codification, but may be used as additional guidance when researching accounting topics specific to the financial institutions industry.
Let's Talk!
Call us at (325) 677-6251 or fill out the form below and we'll contact you to discuss your specific situation.
This article was written by RSM US LLP and originally appeared on 2023-08-31.
2022 RSM US LLP. All rights reserved.
https://rsmus.com/insights/financial-reporting/occ-issues-2023-edition-of-bank-accounting-advisory-series.html
RSM US Alliance provides its members with access to resources of RSM US LLP. RSM US Alliance member firms are separate and independent businesses and legal entities that are responsible for their own acts and omissions, and each is separate and independent from RSM US LLP. RSM US LLP is the U.S. member firm of RSM International, a global network of independent audit, tax, and consulting firms. Members of RSM US Alliance have access to RSM International resources through RSM US LLP but are not member firms of RSM International. Visit rsmus.com/about us for more information regarding RSM US LLP and RSM International. The RSM logo is used under license by RSM US LLP. RSM US Alliance products and services are proprietary to RSM US LLP.
Condley and Company, LLP is a proud member of the RSM US Alliance, a premier affiliation of independent accounting and consulting firms in the United States. RSM US Alliance provides our firm with access to resources of RSM US LLP, the leading provider of audit, tax and consulting services focused on the middle market. RSM US LLP is a licensed CPA firm and the U.S. member of RSM International, a global network of independent audit, tax and consulting firms with more than 43,000 people in over 120 countries.
Our membership in RSM US Alliance has elevated our capabilities in the marketplace, helping to differentiate our firm from the competition while allowing us to maintain our independence and entrepreneurial culture. We have access to a valuable peer network of like-sized firms as well as a broad range of tools, expertise and technical resources.
For more information on how Condley and Company can assist you, please call (325) 677-6251.