After at least five years of serious debate about proposing to mark all financial assets and liabilities to market, the Financial Accounting Standards Board on Wednesday gave final approval to an accounting standard that is limited in its requirement for mark to market accounting.
The federal banking regulators today issued guidance on the methodology banks can use to deduct investments from tier 1 capital under the Volcker Rule and the Basel III regulatory capital rule.
During a conference call yesterday with more than 3,000 participants, Federal Reserve Board staff indicated that the Financial Accounting Standards Board’s new model for impairment accounting — current expected credit loss, which is expected to be finalized in January and effective no earlier than 2018 — is not a tweak to existing accounting, but rather a fundamental change to bank accounting.
The IRS today announced that it has begun exchanging financial account information with foreign tax authorities as part of its implementation of the Foreign Account Tax Compliance Act.
The OCC yesterday released an updated version of its Bank Accounting Advisory Series that provides accounting guidance for accountants at financial institutions.
Warning the SEC that a stringent governance process is no guarantee that financial statements will never need restatement, ABA yesterday questioned the need for expanded disclosures of audit committee practices.
ABA recently urged the Public Company Accounting Oversight Board to emphasize enforcement of current audit requirements relating to the work of specialists, rather than creating new auditing standards.
ABA yesterday warned the Financial Accounting Standards Board that a proposed change in accounting for stock options will subject a company’s earnings to the volatility of its stock price.
ABA today announced that John Kinsella has been named its new VP for tax policy. Kinsella joined ABA from U.S. Bancorp, where he was SVP and director of taxation.