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.
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.
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.
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 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 last week submitted recommendations to the Internal Revenue Service on tax issues that are in need of interpretive guidance for the upcoming fiscal year.
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.
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.
The Internal Revenue Service today released updated contribution limits—adjusted for inflation—for health savings accounts for 2023.
As banks approach two key asset thresholds—$500 million and especially $1 billion — they must begin preparing for new risks and regulatory expectations. Many of them play out in the audit committee.