Tax/Accounting

BAFT Publishes Guidance on FATCA Compliance

BAFT -- ABA’s global transaction banking subsidiary -- today released guidance on the Foreign Account Tax Compliance Act to help practitioners comply with FATCA’s complexities and determine whether and how it applies to various trade product fee types.

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OCC Updates Bank Accounting Advisory Series

The Office of the Comptroller of the Currency released an update to its Bank Accounting Advisory Series that includes recent answers to frequently asked questions in areas such as contingencies and fair value accounting. The BAAS is intended to promote consistent application of accounting standards among national banks and federal savings associations. While it does not represent official OCC regulations, ...

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ABA Warns PCAOB on Changing Auditor’s Report

In a sharp retort to the Public Company Accounting Oversight Board’s proposal to change the standard auditors report, the ABA called on the PCAOB to suspend the project and provide transparency over audit expectations to both auditors and the companies they are auditing. The proposal, which largely reflects requirements recently implemented in Europe, would require auditors to discuss how they ...

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Survey: Two-Thirds of Bankers Have Begun CECL Prep

Approximately two-thirds of financial institutions have in some way begun tackling the Financial Accounting Standards Board’s Current Expected Credit Loss model for loan loss accounting, according to a survey released today by financial information firm Sageworks.

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