As the SEC considers comments from its recent request for information on climate change disclosures, the Office of Corporation Finance has published a model comment letter consisting of comments that recently have been sent to various SEC registrants related to climate change.
ABA submitted a comment letter in which it called on FASB to both prioritize their projects on troubled debt restructurings and goodwill, and asked the board to add several projects to its agenda.
As part of its budgetary process known as “reconciliation,” the House of Representatives has outlined a series of income tax proposals that could have a significant effect on banks and their customers.
This year’s AICPA annual conference brought together key players in the bank accounting space, including banking agencies and banks and audit firms of all sizes. The event served as a forum for public statements, insight and market intel from these institutions.
The Federal Reserve introduced its CECL Scalable CECL Allowance Estimator, or SCALE, method and tool during an “Ask the Fed” webinar this summer.
Eliminating the credit union tax exemption would support sound tax policy, a new report from the Tax Foundation found. The think tank used the credit union tax exemption as a case study for how corporate loopholes could be reformed.
The American Bankers Association this week called on the Financial Accounting Standards Board to prioritize projects to improve accounting for troubled debt restructurings and simplify the subsequent accounting for goodwill.
The fight on Capitol Hill over the Biden administration’s controversial tax proposal is likely to go on for another four to six weeks, and the proposal may continue to be raised after that, according to ABA EVP James Ballentine.
The American Bankers Association, along with more than 40 trade associations, sent a joint letter to House leadership expressing concerns about a controversial tax reporting provision floated by the Biden administration that would expand mandatory IRS reporting on bank account transactions.
Treasury Secretary Janet Yellen this week called on House Ways and Means Committee Chairman Richard Neal (D-Mass.) to include in the reconciliation package the Biden administration’s controversial provision that would require financial institutions to report information to the IRS on gross inflows and outflows on customer accounts above a de minimis level of $600—a provision strongly opposed by the American Bankers Association.