Browsing: Tax and Accounting

Newsbytes

House Ways and Means Committee Chairman Kevin Brady (R-Texas) today issued the House Republicans’ proposal for tax reform, which includes substantial simplification of rates and brackets, as well as major reforms to the Internal Revenue Service.

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As long expected, the Financial Accounting Standards Board today issued its new loan loss accounting framework, also known as the current expected credit loss model. Bank regulators have described CECL as the “biggest change to bank accounting ever.”

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In a letter to the Internal Revenue Service yesterday, ABA commented on new proposed executor reporting requirements, requesting clarity on several points and recommending that certain provisions be eliminated before the final rule is issued.

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Summarizing the complexity within key aspects of the Financial Accounting Standards Board’s Current Expected Credit Loss model for loan impairment accounting, ABA today called on FASB to perform a public and transparent cost-benefit analysis before the final CECL standard is issued and to consider “realistic” implementation approaches banks will use rather than minimum specific requirements.

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