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NR 2012-114
Contact: Bryan Hubbard
(202) 874-5770

Bank Accounting Advisory Series Updated

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


The BAAS is a longstanding document that covers a variety of topics that is issued and updated to promote consistent application of accounting standards among national banks and federal savings associations. The BAAS is a widely used source of accounting guidance for financial institutions.


This update includes recent answers to frequently asked questions from the industry and examiners covering areas such as acquired loans, other real estate owned, troubled debt restructurings, nonaccrual, allowance for loan and lease losses, insurance claims, and bankruptcy court discharged debt.


The BAAS does not represent official rules or regulations of the OCC. Rather, it represents staff interpretations of the OCC’s Office of the Chief Accountant on application of generally accepted accounting principles by banks. National banks and federal savings associations that deviate from these stated interpretations may be required to justify those departures to the OCC.


The OCC plans to update the BAAS annually every June.

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