The Office of the Comptroller of the Currency (OCC) issued the 2021 edition of its Bank Accounting Advisory Series (BAAS) publication in August 2021. This publication expresses the OCC's views on a variety of accounting topics relevant to the financial institutions industry. Changes in the 2021 edition primarily result from recently issued or pending accounting standards, including those related to the amortization of premiums on callable debt securities and evaluating goodwill impairment triggering events for private companies. Certain frequently asked questions (FAQs) also have been added or revised.
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. 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.