Browsing: FASB

Newsbytes

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.

Newsbytes

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.

Newsbytes

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.

Economy

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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