FASB grants more time to respond to accounting standards update

American Bankers Association members have until Sept. 20 to submit comments to the Financial Standards Accounting Board on proposed changes to its accounting standards for purchased financial assets, as opposed to the 60-day comment period FASB originally proposed. The board in June issued the proposed accounting standards update with an Aug. 28 deadline for public comments. In its letter, ABA said the comment timeline was too short for its member institutions given the complexity of the subject, and that they needed more time to interact with key stakeholders to form a response.

ABA corresponded with FASB representatives who said that feedback after Aug. 28 would be welcome as long as it was within a reasonable period following the deadline. “ABA indicated to FASB that we, many of our members, and other stakeholders intend to provide comments as late as Sept. 20, 2023. In response, no objection was noted,” the association said.