Michael Gullette is vice president for accounting and financial management policy at ABA.
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.
The Financial Accounting Standards Board’s latest effort to simplify accounting standards focuses on expenses related to stock option compensation. At first, the proposal appears very encouraging: companies will have the option to account for forfeitures as the options expire – that can make things easier.
Responding to draft Basel Committee guidance on bank examination procedures for accounting for expected credit losses, ABA cautioned the committee that regulatory expectations must be proportional to the size and sophistication of individual banks.
The Financial Accounting Standards Board’s own Investor Advisory Committee last week became the latest group to express mixed opinions on FASB’s current expected credit loss proposal, which would require expected credit losses over the life of a loan to be recorded at the time of origination. The 10-member IAC includes a member from the Federal
The Financial Accounting Standards Board has approved an exposure draft that would defer the effective date of its new revenue recognition standard by one year.