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.
The federal banking agencies today issued guidance on implementing the Financial Accounting Standards Board’s new loan loss accounting standard, which uses a current expected credit loss, or CECL, model.
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.”
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.
ABA last week submitted a statement for the record expressing support for two bills introduced by Rep. Kenny Marchant (R-Texas) that would provide banks more flexibility under the Internal Revenue Code.
Voluntary financial climate-related reporting was discussed at a recent Washington, D.C., meeting hosted by a task force of the Basel, Switzerland-based Financial Stability Board and attended by ABA staff.
The Financial Accounting Standards Board voted today to move forward with its Current Expected Credit Loss standard, but agreed to push the implementation timeline back by one year after a request by ABA.
ABA in a letter today urged the federal banking regulators to take an active part in the Financial Accounting Standards Board’s cost-benefit analysis of the proposed Current Expected Credit Loss model for loan impairment accounting.
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.
Efforts by the Financial Accounting Standards Board to placate the concerns of community financial institutions about its new loan loss accounting standard, known as CECL, have fallen far short of what is needed to justify the costs of the new standard, ABA VP Mike Gullette said today.