Tag Archives: FASB

Luetkemeyer Introduces Bill to Block CECL Implementation

Citing concerns over the wide-reaching effects the Current Expected Credit Loss standard could have on the U.S. economy, Rep. Blaine Luetkemeyer (R-Mo.) today introduced legislation that would make implementation contingent on a quantitative impact study.

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ABA Calls for Flexibility from FASB as Libor Transition Commences

With the New York Federal Reserve beginning to publish the Secured Overnight Financing Rate -- or SOFR -- next week, the American Bankers Association today wrote to the Financial Accounting Standards Board in support of including the overnight index swap rate based on SOFR as a benchmark interest rate for hedge accounting purposes, as an alternative to U.S. dollar Libor.

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FASB: Private Companies, Nonprofits Can Apply Recent SEC Staff Bulletin

The Financial Accounting Standards Board has issued a staff Q&A signaling that it would not object to private companies and not-for-profit organizations applying a recent Securities and Exchange Commission staff accounting bulletin that addresses several key financial reporting issues that resulted from the tax reform bill.

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