FSOC Meets Today; CECL on Agenda
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.
Browsing: Tax and Accounting
FDIC Greenlights Three-Year Phase-In for CECL’s Regulatory Capital Effects
The FDIC today voted to approve a final rule giving banks the option to phase in over a three-year period the day-one adverse effects of the Current Expected Credit Loss standard on regulatory capital.
IRS Issues Highly Anticipated Base Erosion Proposal
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
IRS Issues Proposed Regulations on FATCA, Other Reporting Obligations
The Internal Revenue Service issued a proposal intended to reduce the regulatory burden with respect to the Foreign Account Tax Compliance Act and other reporting requirements.
Trump Creates Council on Opportunity Zones
President Trump today signed an executive order creating a new council that will help ensure the success of the Opportunity Zones tax incentive.
Basel Issues Final Set of Pillar 3 Disclosure Requirements
The Basel Committee on Banking Supervision today issued updated Pillar 3 disclosure requirements reflecting the “Basel IV” capital framework released in December 2017.
ABA to Congress: Delay CECL, Study Before Implementation
The projected effects of the Financial Accounting Standards Board’s Current Expected Credit Loss model for loan loss accounting are significant enough that FASB should delay CECL’s effective date and perform a quantitative impact study of the model, ABA said today.
IOER Levels Not Driving Reserve Decisions, Fed Survey Finds
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.
New IRS Guidance Outlines Restrictions for Deductibility of Net Business Interest Expense
The IRS today proposed regulations for implementing provisions of the Tax Cuts and Jobs Act that restrict the deductibility of net business interest expense.
FASB Finalizes CECL Effective Date Change for Non-Public Business Entities
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.