The OCC’s Bank Accounting Advisory Series was updated in August 2016. Per the OCC:
‘The BAAS expresses the office’s views on accounting topics relevant to national banks and federal savings associations (collectively, banks or institutions, unless otherwise specified). We hope that you find this publication useful.’
‘This edition of the BAAS incorporates the Financial Accounting Standards Board’s Accounting Standards Updates that became effective as of January 2016.’
The BAAS offers many accounting examples on a variety of topics – largely targeted at bank management, accounting departments, and investors; however, discussion of loan impairment, accrual status, and Troubled Debt Restructures can be valuable for all lenders.
A prior Powell & Co. article (Q3 2015) addresses some of these issues and can be found here.
Also per the OCC:
‘Banks are reminded that the BAAS does not represent official rules or regulations of the Office of the Comptroller of the Currency (OCC). Rather, the BAAS represents the OCC Office of the Chief Accountant’s interpretations of generally accepted accounting principles and regulatory guidance based on the facts and circumstances presented. Nevertheless, banks that deviate from these stated interpretations may be required to justify those departures to the OCC.’