Browsing: Tax/Accounting

Newsbytes

Citing concerns over the wide-reaching effects the Current Expected Credit Loss standard could have on the U.S. economy, Rep. Blaine Luetkemeyer (R-Mo.) today introduced legislation that would make implementation contingent on a quantitative impact study.

Newsbytes

In a comment letter to the Financial Accounting Standards Board today, the American Bankers Association offered feedback on proposed technical corrections to clarify and amend recent accounting standard updates related to financial instruments, including the Current Expected Credit Loss standard.

Community Banking

As the Financial Stability Oversight Council meets today to discuss, among other topics, the Financial Accounting Standards Board’s Current Expected Credit Loss model for loan loss accounting, 28 Republican House members urged a delay in CECL’s implementation date and a comprehensive study of its effects on the banking industry and access to credit.

Newsbytes

The Financial Stability Oversight Council meets today in open and executive sessions. Among other things, the preliminary agenda for the executive session includes the current expected credit loss accounting model.

Newsbytes

The Internal Revenue Service on Thursday issued a long-awaited proposal interpreting a section of last year’s tax reform law that seeks to combat tax avoidance through deductible payments made in the U.S. into other tax jurisdictions

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