Tax/Accounting

FASB Proposes Technical Corrections to CECL

The Financial Accounting Standards Board today issued an exposure draft of an accounting standards update that would make technical corrections to the Current Expected Credit Loss accounting standard.

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IRS Issues Tax Ruling on GSE ‘Single Security’ Exchanges

As part of the Federal Housing Finance Agency’s “single security initiative” to standardize the terms for mortgage pass-through certificates issued by Fannie Mae and Freddie Mac, holders of existing related GSE securities will have an opportunity to exchange them for the new standard security.

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AICPA Proposes Papers to Address CECL Issues

The American Institute of Certified Public Accountants has issued two draft papers that address – in a generally positive way -- issues related to the implementation of the Current Expected Credit Loss standard, which will require banks to record credit losses at origination based on the life-of-loan loss expectations.

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Indiana Bankers Association Op-Ed Calls for Credit Unions to Pay Their Fair Share

In an op-ed published on the Inside Indiana Business website yesterday, Indiana Bankers Association President and CEO Amber Van Til pushed back against several erroneous assertions often made by the credit union industry about the need for the credit union tax exemption, including the claim that credit unions are mostly small, humble institutions serving customers of limited means.

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Treasury Submits Proposed Pass-Through Regulations to OMB

The Treasury Department on Monday submitted to the Office of Management and Budget the first group of proposed regulations related to a provision of the tax reform bill that established a 20 percent deduction for pass-through entities, including Subchapter S corporations.

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FASB to Extend CECL Effective Date for Private Banks

Responding to a concern initially raised by the American Bankers Association in a discussion paper, the Financial Accounting Standards board agreed today to propose changing the effective date of the Current Expected Credit Loss accounting standard for “non-public business entities” to fiscal years beginning after Dec. 15, 2021.

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