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.
Browsing: Tax and Accounting
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.
Got Culture? How the Audit Committee Can Help
Connecting the dots between internal audit, legal, human resources and compliance.
AICPA Releases Working Draft of Accounting Issues for CECL Implementation
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.
ABA, State Associations Call for CECL Quantitative Impact Study
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.
Trade Associations Call for Continued Modernization of IRS Data Systems
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.
ABA Urges IRS to Apply Passthrough Deduction to Charitable Remainder Trusts, Common Trust Funds
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.