Tax/Accounting

House Lawmakers Seek Delay, Closer Examination of CECL

A group of House lawmakers yesterday wrote to the heads of the Securities and Exchange Commission and the Financial Accounting Standards board urging them to more closely examine the effects of FASB’s Current Expected Credit Loss Standard on credit availability and calling for a delay to CECL’s effective date until such a study can be carried out.

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ABA Warns on Employee Benefit Plan Audit Proposal

In a comment letter to the American Institute of CPAs on its proposal to modify audits of Employee Retirement Income Security Act-based employee benefit plans, ABA warned of unintended consequences regarding the requirement for auditors to post findings on specific benefit plan provisions.

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IRS Confirms Delay in Reporting Requirements for FTINs

The IRS yesterday formalized previously announced plans to allow withholding agents more time to meet requirements of obtaining foreign taxpayer identification numbers -- or a reasonable explanation for not having one -- and dates of birth on required documentation for foreign customers.

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