The Office of the Comptroller of the Currency (OCC) issued the 2024 edition of its Bank Accounting Advisory Series (BAAS) publication in August 2024. This publication expresses the OCC's views on a variety of accounting topics relevant to the financial institutions industry. Changes in the 2024 edition included removing sections and content that was superseded by Accounting Standards Update (ASU) 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, such as those related to other-than-temporary impairment, troubled debt restructurings, acquired loans and the allowance for loan and lease losses under legacy accounting guidance. No new questions or substantive edits to existing questions were made.
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.
