skip to main navigation skip to secondary navigation skip to content
Board of Governors of the Federal Reserve System
skip to content

Financial Accounting Manual for Federal Reserve Banks, January 2017

Summary of Revisions

 

Revisions are effective as of January 1, 2017. The 2017 Financial Accounting Manual revisions are a result of the December 2015 enactment of "Fixing America"s Surface Transportation Act" (FAST Act), which amended Section 7(a) of the Federal Reserve Act and changing to the effective interest method for the SOMA portfolio.

Summary of Revisions

Chapter 1

Revised the following paragraphs to reflect the dividend and surplus changes as a result of the FAST Act:

Chapter 1 and 4

Revised the following paragraphs to reflect the change to the SOMA portfolio to the effective interest method for premiums and discounts:

Revised the following paragraphs to reflect the recognition of negative interest income earned:

Chapter 6

Revised the following paragraphs to reflect the dividend and surplus changes as a result of the FAST Act:

  • Paragraph 60.37 Financial Results of Operations
  • Paragraph 60.55, previously titled "Interest on Federal Reserve Notes," was renamed "Earnings Remittances to Treasury Calculations"

Chapter 8

Revised the following paragraphs to reflect the Accounting Standard Update 2015-02 Consolidation:

Back to Top

Last update: February 17, 2017