Recently Issued Accounting Standards and Interpretations

6 Months Ended

Jun. 30, 2011

Recently Issued Accounting Standards and Interpretations [Abstract]

Recently Issued Accounting Standards and Interpretations

Note 2. Recently Issued Accounting Standards and Interpretations.

A Creditor’s Determination of Whether a Restructuring Is a Troubled Debt Restructuring. On April 5, 2011, the FASB issued guidance that will require creditors to evaluate modifications and restructurings of receivables using a more principles-based approach, which may result in certain modifications and restructurings being considered troubled debt restructurings. The required disclosures are effective for interim and annual reporting periods beginning on or after June 15, 2011 (July 1, 2011 for the FHLBNY). The FHLBNY adopted this guidance as of June 30, 2011, and adoption resulted in increased financial statement disclosures, but did not affect the FHLBNY’s financial condition, results of operations, or cash flows.