WASHINGTON - The Comptroller of the Currency and the Federal Deposit Insurance Corp. have issued final rules on the regulatory capital treatment of deferred-tax assets.
The rules are a long-expected adoption of Financial Accounting Standards Board Statement 109, which limits the amount of deferred taxes banks may count as assets for Tier 1 capital purposes.
The OCC's rule was published Feb. 10 in the Federal Register; the FDIC's, Feb. 13. The Federal Reserve adopted its final rule in mid- December.
The standard has been in effect on an interim basis since March 1993, but the final rules take effect April 1. Since January 1993, thrifts have had to follow the same rule, the Office of Thrift Supervision said. The thrift regulator won't be publishing a final rule because it has already adopted the changes in its reporting instructions.
The Comptroller's office also has proposed rules to allow a regulation governing agricultural loan-loss amortization to sunset as expected.
A 1987 law allowed agricultural banks to amortize for up to seven years the losses on qualified farm loans it would otherwise have had to show in annual financial statements or on foreclosures in connection with a qualified farm loan.
Comments are due by April 10 on the rule, which was published Feb. 8 in the Federal Register.