Summary of Revisions

Revisions are effective as of January 1, 2020. The 2020 Financial Accounting Manual (FAM) revisions include the presentation of pension and postretirement costs recorded on the financial statements, incorporated changes for the new accounting standards related to lease accounting, revenue recognition, and the clarification of existing policies.

Summary of Revisions

Chapter 1

Modified the following paragraphs to reflect current GAAP treatment under ASU 2014-09, Revenue from Contracts with Customers (Topic 606):

Paragraph 4.24 - Prepaid Expenses (170-275)—Modified paragraph to reflect the travel policy change.

Paragraph 11.26 - Joint Accounts (220-330)—Added paragraph describing new account that represents the balances maintained by depository institutions in a joint account at a Reserve Bank.

Paragraph 12.20 - Current Income (330-025)—Modified to include activity related to FedNow and remove outdated language.

Chapters 1 and 6

Modified each reference to profit and loss on works of art to remove mention of "the sale of":

Chapters 1, 3, and 8

Revised the following paragraphs to reflect the adoption of the new lease accounting standard:

Chapters 1 and 4

Revised the following paragraphs to remove outdated language:

  • Paragraph 11.85 - Consolidated Maiden Lane LLC Liability Accounts (240-400 and 240-425)
  • Paragraph 40.20 - Securities Sold Under Agreements to Repurchase (Reverse Repurchase Agreements)
Chapter 6

Paragraph 60.21 - Monthly Reporting—Updated language as monthly report submissions are no longer applicable.

Paragraph 60.37 - Financial Results of Operations—Updated the Financial Results of Operations table to incorporate benefit changes and Revenue Recognition changes.

Appendix D

Revised the following table referenced in section 5 to reference the proper section:

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Last Update: January 14, 2020