Browsing: Tax and Accounting
Here it comes! ABA’s Mike Gullette on FASB’s long-expected final Current Expected Credit Loss standard for impairment of loans and debt securities.
In a letter to the Financial Accounting Standards Board today, ABA President and CEO Rob Nichols called for more clarity on the proposed Current Expected Credit Loss accounting standard, highlighting several key concerns that must be addressed before the standard can take effect.
The IRS has accepted a request by ABA to consider whether and how to report — on IRS Form 1098, Mortgage Interest Statement — any accrued but unpaid interest that is added to the principal of modified mortgages.
In response to ongoing feedback from bankers and ABA staff related to FASB’s Current Expected Credit Loss impairment accounting standard, FASB Chairman Russ Golden informed ABA’s Rob Nichols that the organization will hold a public roundtable during the first quarter of 2016 that will include community bankers, regulators and auditors to address misconceptions and other concerns about the CECL model.
The Basel Committee on Banking Supervision today issued its guidance on credit risk and expected credit loss accounting, which is intended to set common worldwide regulatory expectations for loan loss accounting, including the Financial Accounting Standards Board’s current expected credit loss model.
With FASB’s recent announcement of a 2019 effective date for their CECL impairment accounting standard, Fintellix Solutions and Ardmore Banking Advisors have released a white paper: “Effective CECL Adoption Timelines Confirmed: Expected Cost of Implementation.”
FASB on Wednesday also gave final approval to a new lease accounting standard that requires all operating leases to be recorded on the balance sheet of lessees.
Also at its Wednesday meeting, FASB agreed that its proposed Current Expected Credit Loss standard for impairment of loans and debt securities will become effective during 2019 for SEC registrants and 2020 for all other companies.
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.