Tax/Accounting

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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ABA to FASB: Subject CECL to Strong Cost-Benefit Test, Delay Implementation

Summarizing the complexity within key aspects of the Financial Accounting Standards Board’s Current Expected Credit Loss model for loan impairment accounting, ABA today called on FASB to perform a public and transparent cost-benefit analysis before the final CECL standard is issued and to consider “realistic” implementation approaches banks will use rather than minimum specific requirements.

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