Tax/Accounting

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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House Republicans Unveil Tax Reform Plan

House Ways and Means Committee Chairman Kevin Brady (R-Texas) today issued the House Republicans’ proposal for tax reform, which includes substantial simplification of rates and brackets, as well as major reforms to the Internal Revenue Service.

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FASB Issues Final Loan Loss Accounting Standard

As long expected, the Financial Accounting Standards Board today issued its new loan loss accounting framework, also known as the current expected credit loss model. Bank regulators have described CECL as the “biggest change to bank accounting ever.”

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ABA Comments on Executor Reporting Requirements

In a letter to the Internal Revenue Service yesterday, ABA commented on new proposed executor reporting requirements, requesting clarity on several points and recommending that certain provisions be eliminated before the final rule is issued.

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