OCC updates Bank Accounting Advisory Series (BAAS)

Early yesterday, August 15, the OCC released an update to the Bank Accounting Advisory Series (BAAS). The BAAS contains staff responses from frequently asked questions about the banking industry and bank examiners on a variety of accounting topics, promotes consistent application of accounting standards and regulatory reporting among banks. The update reflects changes to accounting standards issues by FASB on topics including lessors' classification of certain leases with variable lease payments and also rescinds the 2021 edition of the BAAS. Read the August 2022 edition of the BAAS here.