| Notice Filed with SOS |
08/30/2024 |
| Rule |
ProposedRuleAttach2024-00415.docx
|
| Additional Information |
AddInfoAttach2024-00415.pdf
|
| Statutory Authority |
11-101-102. Declaration of policy.
11-102-104. Powers and duties of the banking board.
11-109-103. Applicability of powers of banking board and bank commissioner to trust companies.
11-109-402. Reports to the banking board and to the commissioner. |
| Description of Subjects/Issues |
The purpose of this rule is to allow trust companies to deviate on an exception basis from Generally
Accepted Accounting Principles (GAAP) when filing certain supervisory and regulatory documents with
state and federal agencies.
The purpose of this rulemaking is to amend Rule 3 CCR 701-6 TC7.
The Colorado Division of Banking (Division) finds that the proposed amendments this rule are necessary
as follows:
Include standards issued by the Financial Accounting Standards Board (FASB) as part of the definition of GAAP.
Clarify the Accounting Principles Board (APB) was the precursor to the FASB.
Update the organizational structure of the Financial Accounting Foundation as well as indicate the APB is no longer in existence.
Remove reference verbiage as GAAP changes routinely and trust companies should prepare financial statements and reports in conformance with current GAAP requirements, not those that were in effect as of the date of the Rule. |
| Purpose/Objective of Rule |
The purpose of this rule is to allow trust companies to deviate on an exception basis from Generally Accepted Accounting Principles (GAAP) when filing certain supervisory and regulatory documents with state and federal agencies. |
| Basis And Purpose |
BasisAndPurposeAttachment2024-00415.pdf
|
| Comments |
The purpose of this rulemaking is to amend Rule 3 CCR 701-6 TC7.
The Colorado Division of Banking (Division) finds that the proposed amendments this rule are necessary as follows:
􀆔 Include standards issued by the Financial Accounting Standards Board (FASB) as part of the definition of GAAP.
􀆔 Clarify the Accounting Principles Board (APB) was the precursor to the FASB.
􀆔 Update the organizational structure of the Financial Accounting Foundation as well as indicate the APB is no longer in existence.
􀆔 Remove reference verbiage as GAAP changes routinely and trust companies should prepare financial statements and reports in conformance with current GAAP requirements, not those that were in effect as of the date of the Rule. |
| Submitted in response to issues raised by COLS/OLLS? |
No
|
| Is this rule adopted in response to recent legislation? |
No
|
| Hearing Date |
10/17/2024 |
| Hearing Time |
10:00 AM |
| Hearing Location |
1560 Broadway, Suite 100D, Denver, Colorado |
| Contact Name |
Charles Siler |
| Contact Title |
Banking Board Administrator |
| Contact Telephone |
3038947584 |
| Contact email |
charles.siler@state.co.us |