On Tuesday, BPI submitted a comment letter to the Financial Accounting Standards Board (“FASB”) on its proposed changes and clarifications to three current GAAP accounting standards (financial instruments, derivatives and hedging, and credit losses (“CECL”)). Of note, the letter argues that the FASB should either eliminate the suggestion in the proposal that held-to-maturity debt instruments are nonmonetary balance sheet items or else issue a separate proposal on that issue. Additionally, the letter holds that accounting changes made as of the CECL adoption date regarding the allowance for interest receivables and/or relating to nonaccrual policies should be recorded as an adjustment to shareholder’s equity rather than the income statement.
You Might Also Be Interested In...
Bank Governance Cybersecurity: Emerging Challenges and Solutions for the Boards of Financial Services Companies
Regulatory Reporting and Accounting BPI Submits Comment Letter to Banking Agencies on Revisions to Call Report
Bank Governance BPI Comments on OCC IFR Codifying National Bank Authorization to Hold Board and Shareholder Meetings by Phone or Internet-Based Conferencing
Bank Capital and Stress Testing Some Thoughts on the Bank Regulatory Picture: Dividends, CECL, Buffers and the Rest
More Posts by This Author
Bank Conditions and Credit Availability Time To Return To the Regular Rulebook – Economic Uncertainty Is Not Extraordinarily Elevated
COVID-19 Relief BPI and Coalition of Trades Advocate for Economic Impact Payment Protections in American Rescue Plan Act of 2021