The federal regulatory agencies today published an FAQ document on the Financial Accounting Standards Board’s Current Expected Credit Loss standard and the implementation process. The FAQs summarize key elements of the new standard, highlight changes to U.S. generally accepted accounting principles, provide regulatory perspective on CECL processes and methodologies, and outline steps banks can take to prepare for implementation. CECL will be effective in 2020 for Securities and Exchange Commission registrants and in 2021 for all others.
IRS incorporates ABA recommendation in latest W-9 tax form
The IRS plans to allow sole proprietors to provide either their Social Security Number or their Employer Identification Number on its W-9 forms, incorporating an ABA recommendation for how to improve tax reporting.
