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Bank Accounting Advisory Series updated

Today the Office of the Comptroller of the Currency released an update to the Bank Acounting Advisory Series (BAAS).

According to the OCC, the BAAS is a longstanding document that includes a topics that is issued and updated to promote consistent application of accounting standards among national banks and federal savings associations. It is a widely used source of accounting guidance for financial institutions.

The most recent update to the BAAS includes recent answers to frequently asked questions from the industry and examiners over areas of acquired loans, other real estate owned, troubled debt restructurings, nonaccrual, allowance for loan and lease losses, insurance claims and bankruptcy court discharged debt.

The BAAS represents staff interpretations of the OCC's Office of the Chief Accountant on application of generally accepted accounting principles by banks. Click here for more information.

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