CECL and COVID: Inconclusive, But Wait for the Auditors
By Mike Gullette Credit goes to the Department of Treasury with their conclusion, documented in…
Author Michael Gullette
Michael Gullette
Michael Gullette is vice president for accounting and financial management policy at ABA.
PCAOB Approves New Auditor Reporting Standard
The Public Company Accounting Oversight Board today approved a new auditor reporting standard aimed at providing more relevant information to investors.
CECL: What You Need to Know Now
CECL represents not just a change to bank accounting but to how all banks manage their businesses.
CECL from the Inside
A conversation with FASB’s Russell Golden
CECL: Simply Complex in the Real World
Here it comes! ABA’s Mike Gullette on FASB’s long-expected final Current Expected Credit Loss standard for impairment of loans and debt securities.
Community Bank Impairment Cost Study Published
With FASB’s recent announcement of a 2019 effective date for their CECL impairment accounting standard, Fintellix Solutions and Ardmore Banking Advisors have released a white paper: “Effective CECL Adoption Timelines Confirmed: Expected Cost of Implementation.”
Fed Staff Want Scalability for New Impairment Accounting
During a conference call yesterday with more than 3,000 participants, Federal Reserve Board staff indicated that the Financial Accounting Standards Board’s new model for impairment accounting — current expected credit loss, which is expected to be finalized in January and effective no earlier than 2018 — is not a tweak to existing accounting, but rather a fundamental change to bank accounting.
ABA Urges Restraint in PCAOB Proposal
ABA recently urged the Public Company Accounting Oversight Board to emphasize enforcement of current audit requirements relating to the work of specialists, rather than creating new auditing standards.
ABA Cautions FASB on Stock Option Proposal
ABA yesterday warned the Financial Accounting Standards Board that a proposed change in accounting for stock options will subject a company’s earnings to the volatility of its stock price.
SEC Proposal on Audit Committee Disclosures: Will Investors Care?
As if audit committees (ACs) don’t have enough to worry about in the post Sarbanes-Oxley (SOX) era, the SEC is inviting comments on a concept release paper that proposes various additional disclosures for them.