Banks are not basing decisions on how much to hold in reserve at the Federal Reserve Banks on a desire to earn the interest paid on excess reserves, according to a Fed survey of senior financial officers released today.
The IRS today proposed regulations for implementing provisions of the Tax Cuts and Jobs Act that restrict the deductibility of net business interest expense.
The Financial Accounting Standards Board issued an accounting standards update today to allow non-public business entities to implement CECL on Jan. 1, 2022, instead of Dec. 31, 2021, as originally required.
Connecting the dots between internal audit, legal, human resources and compliance.
The American Institute of Certified Public Accountants’ financial reporting executive committee today issued a working draft of accounting issues related to the implementation of the Current Expected Credit Loss standard.
In a letter to Treasury Secretary Steven Mnuchin yesterday, ABA and 52 state bankers associations called for a quantitative impact study to assess the full effects of the Financial Accounting Standards Board’s Current Expected Credit Loss standard on bank capital.
As Congress continues to consider ways to modernize and strengthen the IRS’ taxpayer authentication procedures, the American Bankers Association joined eight other finance and housing groups in calling for a modern, secure and fully integrated business to government solution for taxpayer authentication.
In a comment letter today, the American Bankers Association yesterday called on the Internal Revenue Service to specifically address charitable remainder trusts and common trust funds as it prepares guidance on implementing Section 199A of the Tax Cuts and Jobs Act.
A task force of the Basel, Switzerland-based Financial Stability Board has issued a status update on its efforts to develop voluntary financial disclosures related to climate change, which could affect banks both as preparers and as users of public disclosures.
ABA, the Independent Community Bankers of America and the Subchapter S Bank Association today filed a comment letter on the IRS’ proposed regulations implementing the 20 percent deduction for pass-through entities under the 2017 tax reform law.