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:

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 are 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/aboutus for more information regarding RSM US LLP and RSM International. The RSM(tm) brandmark is used under license by RSM US LLP. RSM US Alliance products and services are proprietary to RSM US LLP.

RSM

KHA Accountants, PLLC is a proud member of 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 KHA Accountants can assist you, please call 972.221.2500.

Why the Cost of Customer Acquisition Is So Important

Sep 12, 2023

For any business, understanding and effectively managing the cost of customer acquisition is crucial for success. In this video, we’ll explain what it is, how it’s calculated, and how it affects a business’s profitability, cash flow, and overall growth.

IRS releases guidance on Roth catch-up contributions under SECURE 2.0

Sep 7, 2023

The Internal Revenue Service (IRS) has recently released guidance on Roth catch-up contributions under SECURE 2.0 Act. This guidance, outlined in Notice 2023-62, provides important information for individuals who are age 50 or older and participating in a retirement plan that allows deferral contributions.

Estate Planning after a Business Sale

Aug 30, 2023

After selling a business, it is crucial to update your estate plan to align with your new financial situation. This article provides and overview of common strategies to consider.

Estate planning after the sale of a business interest

Aug 29, 2023

This article discusses estate planning and tax considerations after the sale of a business interest or other liquidity event, including common strategies to reduce estate tax and meet charitable giving goals.

Will You Need To Report Beneficial Ownership Information?

Aug 25, 2023

The Corporate Transparency Act will require most businesses to provide beneficial ownership information to the U.S. Department of Treasury to combat money laundering. Find out who needs to report, what information is required, and when the reports must be submitted.

IRS provides guidance for RMDs under SECURE 2.0 Act

Jul 26, 2023

A recent IRS Notice provides essential guidance on required minimum distributions (RMDs) under SECURE 2.0. This article reviews that Notice and provides insights into the updated rules and deadlines for RMDs, helping taxpayers navigate the ever-changing landscape of retirement planning and compliance with IRS regulations.