Tax/Accounting

FASB Finalizes “Market to Market” Accounting

After at least five years of serious debate about proposing to mark all financial assets and liabilities to market, the Financial Accounting Standards Board on Wednesday gave final approval to an accounting standard that is limited in its requirement for mark to market accounting.

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Fed Staff Want Scalability for New Impairment Accounting

During a conference call yesterday with more than 3,000 participants, Federal Reserve Board staff indicated that the Financial Accounting Standards Board’s new model for impairment accounting -- current expected credit loss, which is expected to be finalized in January and effective no earlier than 2018 -- is not a tweak to existing accounting, but rather a fundamental change to bank accounting.

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ABA Requests IRS Resolution on Modified Mortgage Loan Interest

ABA in a letter Friday formally requested the opportunity to work with the IRS to resolve the issue of whether and how to report — on IRS Form 1098, Mortgage Interest Statement — any accrued but unpaid interest that is added to the principal of modified loans. The letter asks the IRS to engage on the issue through its Industry ...

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OCC Updates Accounting Resource

The OCC yesterday released an updated version of its Bank Accounting Advisory Series that provides accounting guidance for accountants at financial institutions.

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ABA Urges Restraint in PCAOB Proposal

ABA recently urged the Public Company Accounting Oversight Board to emphasize enforcement of current audit requirements relating to the work of specialists, rather than creating new auditing standards.

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