FASB on Wednesday also gave final approval to a new lease accounting standard that requires all operating leases to be recorded on the balance sheet of lessees.

Also at its Wednesday meeting, FASB agreed that its proposed Current Expected Credit Loss standard for impairment of loans and debt securities will become effective during 2019 for SEC registrants and 2020 for all other companies.

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.

The federal banking regulators today issued guidance on the methodology banks can use to deduct investments from tier 1 capital under the Volcker Rule and the Basel III regulatory capital rule.

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.

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 ...

The IRS today announced that it has begun exchanging financial account information with foreign tax authorities as part of its implementation of the Foreign Account Tax Compliance Act.

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

Warning the SEC that a stringent governance process is no guarantee that financial statements will never need restatement, ABA yesterday questioned the need for expanded disclosures of audit committee practices.

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.