On December 12, the Office of the Comptroller of the Currency issued an updated version, dated October 2004, of its Bank Accounting Advisory Series (BAAS). The BAAS “expresses the office’s current views on accounting topics relevant to national banks and federal savings associations.” While not providing “complete coverage,” the new BAAS reflects changes in the regulatory capital rule. The new edition also incorporates Financial Accounting Standards Board Accounting Standards Updates that became effective in October 2014 except for private company accounting alternatives. While the BAAS “does not represent official rules or regulations of the OCC …banks that deviate from these stated interpretations may be required to justify … departures to the OCC.” 

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