SEC Issues Staff Accounting Bulletin No. 102.The Securities and Exchange Commission has issued Staff Accounting Bulletin No. 102, which provides views of the staff on the development, documentation and application of a systematic loan loss allowance methodology. It applies to registrants that are creditors in loan transactions that, individually or in the aggregate, have a material effect on the registrant's financial statements. SAB SAB Spontaneous abortion. See Abortion. No. 102 was prepared as a result of the Mar. 10, 1999, Joint Interagency in·ter·a·gen·cy adj. Involving or representing two or more agencies, especially government agencies. Letter to Financial Institutions signed by the SEC, the Federal Deposit Insurance Corporation Federal Deposit Insurance Corporation (FDIC), an independent U.S. federal executive agency designed to promote public confidence in banks and to provide insurance coverage for bank deposits up to $100,000. , the Federal Reserve Board, the Office of the Comptroller of the Currency The Office of the Comptroller of the Currency (or OCC) was established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all national banks and the federal branches and agencies of foreign banks in the United States. , and the Office of Thrift Supervision The Office of Thrift Supervision (OTS) was established as a bureau of the Treasury Department in August 1989 as part of a major Reorganization Plan of the thrift regulatory structure mandated by the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) (12 U.S.C.A. . The SEC previously issued guidance on this topic in ! 986 through Financial Reporting Release No. 28. SAB No. 102 does not change any of the accounting profession's existing rules on accounting for loan loss provisions or allowances. A copy of the bulletin is available from the SEC's Web site: www.sec.gov/interps/account/sab102.htm |
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