In a significant move, the Financial Accounting Standards Board today voted to propose a delay for the implementation of the current expected credit loss standard until January 2023 for certain companies.
The sooner and more clearly defined a bank’s succession plan is developed, the easier and smoother the transition will be for customers, employees and shareholders alike.
The American Bankers Association submitted a comment letter to the Internal Revenue Service this week offering feedback on the second tranche of proposed regulations related to the Opportunity Zones tax incentive.
The American Bankers Association this week submitted to the Internal Revenue Service its feedback on what should be included in the agency’s 2019-20 priority guidance plan.
The Task Force on Climate-Related Disclosures found that 78% of companies it reviewed disclosed at least some climate-related information in 2018, up from 70% two years prior.
Sen. Thom Tillis (R-N.C.) yesterday introduced a long-awaited bill—S. 1564—calling for a delay in the implementation of the Financial Accounting Standards Board’s current expected credit loss standard until a quantitative impact study can be completed to understand its likely effects it will have on the economy.
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.
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.
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.
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.