Senate Democrats pass reconciliation package
After months of negotiating, the Senate yesterday passed legislation to address selected portions of the Biden administration’s agenda for climate change, healthcare and tax policy.
Browsing: Tax and Accounting
FDIC proposes changes to large, complex IDI assessments to address TDR elimination
In response to the Financial Accounting Standards Board’s recent elimination of accounting guidance for troubled debt restructurings for adopters of the current expected credit loss standard, the FDIC is proposing to update the scorecard it uses to calculate assessments for large and highly complex insured depository institutions to reflect the changes.
ABA comments on FAF draft strategic plan
As the Financial Accounting Foundation considers a proposed strategic plan, ABA is recommending the organization consider ensuring that post-implementation reviews (PIRs) are conducted on a regular basis and that FAF takes a leadership role in helping bridge the gap between investor expectations and reporting on environmental sustainability.
Trade groups to lawmakers: Don’t raise taxes on small, family-owned businesses
As households and businesses face a possible recession, decades-high inflation levels and other economic challenges, a broad coalition of trade groups—including ABA—representing a wide range of industries urged lawmakers to reject policy proposals that would raise taxes on small, individually and family-owned businesses.
Ad encourages Alabama senate candidate to fight expanded IRS reporting proposal
The proposal would mandate that financial institutions report information on gross inflows and outflows of all customer accounts above a de minimis level of $10,000 to the IRS.
Fed: Second CECL tool for community banks to launch June 16
To help community banks successfully implement the current expected credit loss accounting standard, the Federal Reserve next week will launch a second tool, the Expected Losses Estimator.
ABA supports FASB action to aid Libor transition for derivatives markets
ABA this week wrote to the Financial Accounting Standards Board in support of a deferral of the sunset date for the transition relief provided by FASB and the expansion of the definition of the Secured Overnight Financing Rate, or SOFR, to include term SOFR as eligible to be designated a benchmark index for hedge accounting purposes.
ABA recommends several priority issues in need of IRS guidance
ABA last week submitted recommendations to the Internal Revenue Service on tax issues that are in need of interpretive guidance for the upcoming fiscal year.
ABA, SIFMA ask SEC to delay effective date on crypto-asset bulletin
Amid the growing ownership of digital assets like cryptocurrencies, the American Bankers Association and the Securities Industry and Financial Markets Association on Friday asked the Securities and Exchange Commission to provide key clarifications and delay the effective date of its staff accounting bulletin on crypto assets.
Podcast: Understanding the SEC’s climate risk disclosure proposal
Public comments for the Securities and Exchange Commission’s sweeping climate risk disclosure proposal are due on June 17, with major implications for banks and their clients. ABA’s Mike Gullette and Joe Pigg dig into the details.