accounting standards among national banks and federal savings associations

OCC Update to Bank Accounting Advisory Series

On July 25, the OCC updated the Bank Accounting Advisory Series, a document that promotes consistent application of accounting standards among national banks and federal savings associations. The update includes recent answers to FAQs from the industry and examiners covering areas such as acquired loans, other real estate owned, troubled debt restructurings, nonaccrual, allowance for loan and lease losses, insurance claims, and bankruptcy court discharged debt. OCC Release.