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.
As advocated by the American Bankers Association, the Financial Accounting Standards Board today announced that it would end troubled debt restructuring accounting for companies that have already adopted the current expected credit loss accounting standard.
The American Bankers Association this week joined a coalition of trade groups in a letter to Treasury Secretary Janet Yellen expressing strong concerns on the potential negative effects of the Organization for Economic Cooperation and Development’s Pillar 2 minimum tax rules.
The Biden administration yesterday released its “Green Book,” a document that contains proposed tax changes that the administration will likely pursue during the coming year.
The Securities and Exchange Commission today proposed a much-anticipated set of requirements for public companies to disclose information about climate risks affecting them, their greenhouse gas footprints and any emissions-reduction plans they may have adopted.