By ISAIAS PACHECO
Leaders at the Office of the Comptroller of the Currency have released their annual update to the Bank Accounting Advisory Series.
The link can be found here.
The Office of the Comptroller of the Currency is an independent bureau of the U.S. Department of the Treasury. The OCC charters, regulates, and supervises all national banks, federal savings associations, and federal branches and agencies of foreign banks, according to their website.
A press release issued last week says this edition of the BAAS reflects updates to clarify the application of accounting standards issued by the Financial Accounting Standards Board on topics including the amortization of premiums on debt securities with a call option over a preset period and lessors’ classification of certain leases with variable lease payments.
The BAAS contains staff responses to frequently asked questions from the banking industry and bank examiners on a variety of accounting topics and promotes consistent application of accounting standards and regulatory reporting among national banks and federal savings associations, according to the press release.
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