Financial Accounting Manual
- Revision Set 53
- Chapter 1. Balance Sheet
- Chapter 2. Collateral and Custodies
- Chapter 3. Property and Equipment
- Chapter 4. Central Bank Unique Accounting
- Chapter 5. Federal Reserve Notes
- Chapter 6. Reporting Requirements
- Chapter 8. Special Topics
Revision Set 53 December 2012
Revisions are effective as of January 1, 2013.
Summary of Revisions
Paragraph .80 Accrual of Expenses Within the Month--Added electronic access to the list of services for which expenses must be accrued for compensation paid or received.
Paragraph 3.11 Investment in LLC (145-600)--Added a general ledger account to record transactions related to the Maiden & Nassau LLC, a limited liability company (LLC). The New York Reserve Bank acquired and transferred building-related assets and liabilities to the LLC.
Paragraph 10.30 Deposits: Depository Institutions (220-025)--Consistent with the elimination of the clearing balance program in July 2012, removed clearing balances from the list of balances that depository institutions maintain with Reserve Banks.
Paragraph 11.70 Sundry Items Payable (240-125)--Expanded the account description to include the cash collateral posted by counterparties pursuant to the commitments to purchase mortgage-backed securities (MBS).
Paragraph 11.81 Earnings Credits Due to Depository Institutions (240-175)--Modified the account description to reflect the decline and ultimate elimination of earnings credits due to the elimination of the clearing balance program in July 2012.
Paragraph 11.95 Designated Financial Market Utilities Deposits (240-900)--Added a general ledger account for Designated Financial Market Utilities deposits.
Paragraph 12.35 Cost of Earnings Credits (330-075)--Modified the account description to reflect the elimination of the clearing balance program in July 2012.
Paragraph 30.78 Maximum Useful Lives and Salvage Values--Added currency storage containers and automated guided vehicles to the list of assigned specific maximum estimated useful lives.
Paragraph 40.05 Participated Accounts--Added cash margin accounts for MBS commitments to the list of accounts that are participated to all Reserve Banks.
Paragraph 40.13 SOMA Portfolio Holdings Impairment --Added a requirement to periodically evaluate System Open Market Account securities holdings for impairment.
Paragraph 40.23 Federal Agency and GSE Mortgage-Backed Securities (MBS)--Expanded the description of MBS commitments to include the cash collateral that the New York Reserve Bank requires to mitigate counterparty risk.
Paragraph 60.50 Income Report - General--Clarified that the quarterly and annual reporting requirements are accomplished through the adjusted trial balance submission.
Paragraph 60.60 Profit and Loss Statement--Clarified that the quarterly and annual reporting requirements are accomplished through the adjusted trial balance submission.
Paragraph 60.90 Financial Results of Operations (FROP)--Clarified that the FR 657 and FROP reporting requirements are accomplished through the adjusted trial balance submission.
Appendix A.2 BPS 3000 Machine Useful Lives--Removed historical accounting instructions for useful life and salvage value adjustments that are no longer applicable and added useful life background information.