The American Bankers Association on Friday called on the Financial Accounting Standards Board to extend a “full and indefinite delay” of the current expected credit loss standard to all companies, regardless of size.
With a pending proposal by the Financial Accounting Standards Board to delay the Current Expected Credit Loss standard’s implementation deadline to 2023 for certain institutions, top accounting officials at federal agencies warned banks not to “rest on their laurels” when it comes to implementing CECL.
The Internal Revenue Service has issued two sets of proposed regulations that address the timing of income inclusion under section 451 of the Internal Revenue Code, as required under the tax reform law.
As banks work to reduce their dependence on the London Interbank Offered Rate, the Financial Accounting Standards Board yesterday proposed guidance that would help ease the potential effects of reference rate reform on financial reporting.
Following a vote last month, the Financial Accounting Standards Board today formally issued its proposal to delay the implementation of the current expected credit loss standard until January 2023 for certain companies.
With 75% of bank investors now opposed to the current expected credit loss standard, ABA SVP Mike Gullette highlighted the potential consequences the Financial Accounting Standards Board’s current expected credit loss standard is likely to have for lenders and the U.S. economy.
The Financial Accounting Standards Board’s current expected credit loss model for loan loss accounting is a solution in search of a problem, according to an op-ed by Brice Luetkemeyer in American Banker today.
As urban areas across the country grow and change, community development financial institutions like Metro Bank in Louisville, Ky., are meeting the unique needs of these evolving neighborhoods.
In a significant move, the Financial Accounting Standards Board today voted to propose a delay for the implementation of the current expected credit loss standard until January 2023 for certain companies.
The sooner and more clearly defined a bank’s succession plan is developed, the easier and smoother the transition will be for customers, employees and shareholders alike.