Tax/Accounting

ABA Calls for Flexibility from FASB as Libor Transition Commences

With the New York Federal Reserve beginning to publish the Secured Overnight Financing Rate -- or SOFR -- next week, the American Bankers Association today wrote to the Financial Accounting Standards Board in support of including the overnight index swap rate based on SOFR as a benchmark interest rate for hedge accounting purposes, as an alternative to U.S. dollar Libor.

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FASB Addresses ABA’s Concerns on Capitalizing New System Costs

The Financial Accounting Standards Board has issued a draft proposal allowing companies to capitalize certain implementation costs relating to new systems that operate on cloud technology, an issue that was first raised to FASB by members of the American Bankers Association’s Accounting Administrative Committee.

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