The Financial Accounting Standards Board’s current expected credit loss standard presents significant operational challenges and stakeholders are concerned about real and potentially severe economic effects, participants noted at a roundtable discussion hosted by FASB today.

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.

In a comment letter to the Financial Accounting Standards Board today, the American Bankers Association offered support for a proposal that would allow non-public business entities to implement CECL on Jan. 1, 2022.

In a comment letter to the Financial Accounting Standards Board today, ABA offered support for a proposal that would allow companies to capitalize certain implementation costs relating to new systems that operate on cloud technology.

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.

All 52 state bankers associations wrote to the Financial Accounting Standards Board on Friday in support of a proposal to adjust regulatory capital balances that were unexpectedly affected by the new tax reform law.

In a comment letter to the Financial Accounting Standards Board today, ABA offered its full support for a proposal to adjust regulatory capital balances that were unexpectedly affected by the new tax reform law.

The Financial Accounting Standards Board has issued a highly anticipated draft proposal for adjusting regulatory capital balances that were unexpectedly affected by the new tax reform law.

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.

The Financial Accounting Standards Board has announced that it will issue a proposal in the coming days to adjust regulatory capital balances that were unexpectedly affected by the new tax reform law.