ABA: Proposed revisions to bad debt regulation need reworked
In a letter, ABA urged the IRS to make several changes to proposed regulations concerning bad debt deductions for regulated financial companies and members of regulated financial groups.
In a letter, ABA urged the IRS to make several changes to proposed regulations concerning bad debt deductions for regulated financial companies and members of regulated financial groups.
The Financial Accounting Standards Board in December rejected several agenda requests, including voting unanimously to reject a request to eliminate the held-to-maturity classification for debt securities. Before the vote, board members highlighted their reasons for rejecting the request, indicating that the current classification model, including HTM, is the preferred model and should not be eliminated.
ABA expressed support for a proposed bill to create a tax credit for investments in community development financial institutions and minority depository institutions
A group of 20 trade associations, including ABA, joined together to raise concerns with a proposal to expand the requirements for auditors to identify, evaluate and communicate all company violations of laws and regulations.
The International Auditing and Assurance Standards Board has announced a proposed international standard on sustainability assurance
ABA last week offered feedback to the Internal Revenue Service on proposed regulations regarding the application of the transfer for valuable consideration rules and associated information reporting requirements for reportable policy sales.
The IRS unveiled a strategic operating plan to guide a proposed transformation of the agency over the next 10 years.
The Financial Accounting Standards Board this week issued an accounting update expanding the range of tax credit structures for which the proportional amortization method of accounting may be applied—something ABA had called on the board to address.
The proposal as currently outlined doesn’t go far enough to consider current and future technical opportunities and risks, ABA says.
Rep. Patrick McHenry (R-N.C.) and Sen. Cynthia Lummis (R-Wyo.) this week asked the banking agencies for clarification regarding an April 2022 staff accounting bulletin issued by the Securities and Exchange Commission.