ABA this week wrote to the Financial Accounting Standards Board in support of a deferral of the sunset date for the transition relief provided by FASB and the expansion of the definition of the Secured Overnight Financing Rate, or SOFR, to include term SOFR as eligible to be designated a benchmark index for hedge accounting purposes.
ABA today expressed support for a Financial Accounting Standards Board proposal that would eliminate the current accounting guidance for troubled debt restructurings, or TDRs, but cautioned that proposed expanded disclosure requirements for loan refinancing and restructurings by creditors when a borrower is experiencing financial difficulty could “unintentionally introduce additional cost and complexity that outweighs the benefits of eliminating TDRs.”
The Financial Accounting Standards Board today proposed to eliminate its accounting guidance for troubled debt restructurings, or TDRs, while enhancing certain loan disclosure requirements for certain loan refinancing and restructurings by creditors when a borrower is experiencing financial difficulty.
ABA submitted a comment letter in which it called on FASB to both prioritize their projects on troubled debt restructurings and goodwill, and asked the board to add several projects to its agenda.
The American Bankers Association this week called on the Financial Accounting Standards Board to prioritize projects to improve accounting for troubled debt restructurings and simplify the subsequent accounting for goodwill.
The Financial Accounting Standards Board today voted to add two projects to its technical agenda based on feedback it received through its CECL project implementation review process.
In a comment letter to the Financial Accounting Standards Board, the American Bankers Association recommended several changes to a proposal that could significantly expand when hedge accounting can be used by banks to mitigate reported profits and losses.
By Josh Stein ABA’s position that troubled debt restructurings are outdated and unnecessary is gaining…
During a virtual roundtable hosted by the Financial Accounting Standards board today, investors, bankers and regulators expressed broad agreement on accounting alternatives related to troubled debt restructurings under CECL and acquired loans.
The Financial Accounting Standards Board announced this week that in response to comments by ABA and others, it will expand the scope of a recent proposal on goodwill accounting alternatives for evaluating triggering events.