The New Revenue Recognition Framework Is Here
Although the revenue recognition rule may not significantly affect banks’ traditional revenue reporting, institutions will not know for sure until they have implemented the full, five-step process.
Browsing: Tax/Accounting
AICPA Calls for Delay in FASB’s Lease Accounting Standard for Private Companies
The American Institute of CPAs wrote to the Financial Accounting Standards Board this week seeking a delay in the implementation of a new lease accounting standard.
S. 2155 Rule Changes to Be Done by Year-End, Regulators Say
The heads of the banking agencies told lawmakers that they expect to have regulatory changes from the S. 2155 regulatory reform law implemented by year-end.
FASB Issues Limited CECL Transition Guidance
Responding to requests from certain specialty lenders, FASB yesterday said it would allow companies to avoid CECL by electing a “fair value option” for certain assets.
ABA Calls for CECL Delay, Quantitative Impact Study in Letter to Rep. Meeks
In a letter to Rep. Gregory Meeks (D-N.Y.) today, the American Bankers Association reiterated its call for a delay in the implementation of the current expected credit loss accounting standard until a quantitative impact study can be conducted and the full economic effects of CECL can be determined.
Otting, McWilliams: Agencies Moving Toward More Risk-Based AML Approach
The federal banking agencies plan to reintroduce the examination manual for anti-money laundering/Bank Secrecy Act compliance later this year, Comptroller of the Currency Joseph Otting told the Senate Banking Committee today.
Citing Economic Risk, Senators Call for CECL Delay, Study
Led by Sens. Thom Tillis (R-N.C.) and Doug Jones (D-Ala.), a bipartisan group of 15 senators wrote to the Federal Reserve and FDIC today urging a delay in the implementation of the Current Expected Credit Loss model for loan loss accounting until after the agencies can study CECL’s economic effects.
SEC Proposes SOX Relief for Small Firms
The Securities and Exchange Commission today proposed to provide relief for smaller reporting companies from a part of the Sarbanes-Oxley Act that requires firms to obtain an outside audit to asses their internal control over financial reporting.
Lawmakers Issue Bipartisan Call for CECL Implementation Delay
A bipartisan group of lawmakers wrote to the Securities and Exchange Commission today expressing concern about the adverse effect of FASB’s current expected credit loss accounting standard on banks and their customers during times of economic stress.
IRS Issues Second Round of Proposed Regulations on Opportunity Zones
The Internal Revenue Service today issued a highly anticipated package of proposed regulations on the Opportunity Zone tax incentive.