Aug 29, 2016
From the Financial Reporting View
The Office of the Comptroller of the Currency (OCC) recently issued the August 2016 edition of the Bank Accounting Advisory Series (BAAS), with two new interpretations and updates to several interpretations, including:
- Accounting for promotional raffles or sweepstakes for prize-linked deposit accounts (Topic 6A, Contingencies, Question 5);
- Accounting for business combinations when the acquirer is not a public business entity as defined in the FASB ASC Master Glossary (Topic 10A, Acquisitions, Question 5); and
- Financial and regulatory reporting considerations related to measuring the fair value of liabilities (Topic 11D, Fair Value Accounting, Questions 6 and 7).
Certain questions about deferred taxes were updated or eliminated to reflect the change to a consistent regulatory capital treatment for deferred taxes for the advanced and non-advanced approaches to calculating regulatory capital (Topic 7A).
The August 2016 edition also updates the OCC's interpretive responses to existing questions to reflect several recently issued FASB ASUs and other minor technical updates.