OCC issues 2023 edition of “Bank Accounting Advisory Series”

by | Aug 31, 2023

ARTICLE | August 31, 2023

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.

Questions or Want to Talk?

Call us directly at 972.221.2500 (Flower Mound) or 940.591.9300 (Denton), or complete the form below and we’ll contact you to discuss your specific situation.
  • Should be Empty:
  • Topic Name:

Source: RSM US LLP.
Reprinted with permission from RSM US LLP.
© 2024 RSM US LLP. All rights reserved. https://rsmus.com/insights/financial-reporting/occ-issues-2023-edition-of-bank-accounting-advisory-series.html

RSM US LLP is a limited liability partnership and the U.S. member firm of RSM International, a global network of independent assurance, tax and consulting firms. The member firms of RSM International collaborate to provide services to global clients, but are separate and distinct legal entities that cannot obligate each other. Each member firm is responsible only for its own acts and omissions, and not those of any other party. Visit rsmus.com/about for more information regarding RSM US LLP and RSM International.

Is Your Dental Practice Growing or Just Getting Busier? The Financial Blind Spots Costing You More Than You Think

Jul 28, 2026

Dental practice owners are working harder than ever, yet many are finding it increasingly difficult to predict where their finances will land at the end of the month. The culprit is not a lack of patients or revenue — it is the gap between what the numbers show and what they actually mean. From escalating overhead to operational inefficiencies hiding in plain sight, the forces quietly undermining profitability deserve a closer look. This article breaks down what is really happening inside dental practices today and what it takes to build a financial foundation that can keep pace with growth.

Building a Stronger Financial Foundation: How Outsourced Accounting Helps Construction Companies Scale

Jul 21, 2026

Growth is the goal for every construction contractor, but scaling a business means more than winning bigger projects. As companies move through each stage of development, the financial complexity grows right along with the revenue. Without the right accounting infrastructure in place, that growth can quickly become a liability. Outsourced accounting offers construction companies a smarter path forward, delivering clear visibility into project performance, tighter financial controls, and the strategic insight needed to grow with confidence.

When “Creative” Tax Deductions Invite the IRS to Your Door

Jun 2, 2026

What do an arsonist’s fee, a family dog, and a backyard fallout shelter have in common? They’ve all been claimed as tax deductions — and they all earned the kind of IRS attention no taxpayer wants. While most people aren’t pushing the limits quite that far, the truth is that questionable deductions don’t have to be outrageous to trigger an audit.

Are Taxes Driving Americans to Pack Up and Move?

May 26, 2026

Millions of Americans are moving — and tax burdens are part of the equation. New IRS data shows high-tax states like California and New York are losing billions in taxable income to no-income-tax states like Florida and Texas. The numbers tell a compelling story.

What Business Owners Must Know About Net Operating Loss Rules in 2025 and Beyond

May 19, 2026

The pandemic-era flexibility is gone, and the One Big Beautiful Bill has locked in the TCJA’s NOL rules for the foreseeable future. If your business is still planning around old assumptions — like the ability to carry losses back or fully offset taxable income — it’s time for a reset. Here’s what you need to know heading into 2025 and beyond.