Following a vote last month, the Financial Accounting Standards Board today formally issued its proposal to delay the implementation of the current expected credit loss standard until January 2023 for certain companies.
With 75% of bank investors now opposed to the current expected credit loss standard, ABA SVP Mike Gullette highlighted the potential consequences the Financial Accounting Standards Board’s current expected credit loss standard is likely to have for lenders and the U.S. economy.
A group of 13 Republicans on the Senate Banking Committee today urged the federal banking agencies to accelerate implementation of regulatory reforms made by the S. 2155 reform law, as well as other reforms that they said would enhance economic growth.
The Financial Accounting Standards Board’s current expected credit loss model for loan loss accounting is a solution in search of a problem, according to an op-ed by Brice Luetkemeyer in American Banker today.
In an op-ed published today in The Washington Times, industry veterans William Isaac, former chairman of the FDIC and Thomas Vartanian, former general counsel of the Federal Home Loan Bank Board, warned of the dire consequences that could result from a hasty implementation of the current expected credit loss accounting standard.
In a significant move, the Financial Accounting Standards Board today voted to propose a delay for the implementation of the current expected credit loss standard until January 2023 for certain companies.
A bipartisan group of House lawmakers—led by Reps. Ted Budd (R-N.C.) and Vicente Gonzalez (D-Texas)—have introduced H.R. 3182, a bill calling for a halt to the implementation of the current expected credit loss standard until a quantitative impact study can be completed.
In an op-ed published yesterday in The Hill, industry veterans William Isaac, former chairman of the FDIC and Thomas Vartanian, former general counsel of the Federal Home Loan Bank Board, pointed out the peril of imposing accounting standards without sufficient oversight or study.
Sen. Thom Tillis (R-N.C.) yesterday introduced a long-awaited bill—S. 1564—calling for a delay in the implementation of the Financial Accounting Standards Board’s current expected credit loss standard until a quantitative impact study can be completed to understand its likely effects it will have on the economy.
The American Institute of CPAs wrote to the Financial Accounting Standards Board this week seeking a delay in the implementation of a new lease accounting standard.