What is the main purpose of this 8-K filing?

The primary purpose of this filing is to inform investors about changes in Bank of America's business segment reporting methodology, effective January 1, 2007. This includes how Card Services is presented and the relocation of results for divested businesses.

Do these reporting changes affect Bank of America's overall financial performance?

No, the filing explicitly states that these changes do not impact the consolidated financial statements of Bank of America. The consolidated balance sheet, income statement, shareholders' equity, and cash flows remain unchanged by this revised segment presentation.

What does 'managed basis' mean for Card Services?

While the filing doesn't provide a detailed definition, reporting on a 'managed basis' typically means the results are presented as if certain items (like credit losses or interest income) were managed directly by the segment, even if accounting or regulatory rules might place them elsewhere on the consolidated statements. It's a way for management to view segment performance more holistically.

Are there any new financial statements included in this report?

This 8-K does not present new consolidated financial statements. Instead, it incorporates updated sections from the company's previous Annual Report on Form 10-K (specifically, the Management's Discussion and Analysis and Financial Statements) that have been revised to reflect the new segment reporting methodology for prior periods.

BANK OF AMERICA CORP /DE/ 8-K SEC Disclosure

Summary

This Form 8-K filing from Bank of America Corporation (BAC) on May 23, 2007, primarily addresses changes in its business segment reporting. Effective January 1, 2007, the company revised how it presents financial results for its Global Consumer and Small Business Banking segment, specifically Card Services, now reported on a 'managed basis'. Additionally, financial results for businesses slated for sale have been moved to the 'All Other' segment. Management also refined certain accounting methodologies. Importantly, these reporting changes do not alter BAC's previously reported consolidated financial statements, including its balance sheet, income statement, shareholders' equity, and cash flows.

Key Highlights

1Bank of America updated its business segment reporting methodology as of January 1, 2007.
2Card Services within Global Consumer and Small Business Banking will now be presented on a 'managed basis'.
3Financial results of businesses expected to be sold have been transferred to the 'All Other' segment.
4Certain management accounting methodologies and allocations were refined.
5These changes only impact the presentation of segment-specific disclosures and do not affect consolidated financial results.
6Prior period segment results have been restated to reflect these new presentation methods.
7The filing incorporates updated sections of the Annual Report on Form 10-K for Part II, Item 7 (MD&A) and Item 8 (Financial Statements).

BANK OF AMERICA CORP /DE/ 8-K Report, Corporate Update (May 23, 2007)

Summary

Key Highlights

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