Since the ABA Banking Journal Podcast last checked in on the Current Expected Credit Loss standard—which is coming into effect for many banks and the vast majority of bank assets on Jan. 1, 2020—there have been several key developments.
Browsing: Tax and Accounting
The SEC last week issued a long-awaited proposal to update required disclosures that bank and savings and loan registrants are required to provide to investors.
The American Bankers Association on Friday called on the Financial Accounting Standards Board to extend a “full and indefinite delay” of the current expected credit loss standard to all companies, regardless of size.
With a pending proposal by the Financial Accounting Standards Board to delay the Current Expected Credit Loss standard’s implementation deadline to 2023 for certain institutions, top accounting officials at federal agencies warned banks not to “rest on their laurels” when it comes to implementing CECL.
The Internal Revenue Service has issued two sets of proposed regulations that address the timing of income inclusion under section 451 of the Internal Revenue Code, as required under the tax reform law.
As banks work to reduce their dependence on the London Interbank Offered Rate, the Financial Accounting Standards Board yesterday proposed guidance that would help ease the potential effects of reference rate reform on financial reporting.
Following a vote last month, the Financial Accounting Standards Board today formally issued its proposal to delay the implementation of the current expected credit loss standard until January 2023 for certain companies.
With 75% of bank investors now opposed to the current expected credit loss standard, ABA SVP Mike Gullette highlighted the potential consequences the Financial Accounting Standards Board’s current expected credit loss standard is likely to have for lenders and the U.S. economy.
The Financial Accounting Standards Board’s current expected credit loss model for loan loss accounting is a solution in search of a problem, according to an op-ed by Brice Luetkemeyer in American Banker today.
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