On March 8 BPI submitted a comment letter to the FASB supporting the FASB’s proposal to simplify the transition to CECL implementation. BPI supported the use of a one-time irrevocable option to elect the fair value option for financial instruments measured at amortized cost but also recommended that FASB permit a one-time transfer of securities out of the held-to-maturity portfolio into the available for sale or trading portfolios, and out of the available for sale portfolio into the trading portfolio, which would allow for transition relief consistent with the transition relief afforded upon the adoption of other new accounting standards.
You Might Also Be Interested In...
Regulatory Reporting and Accounting
BPI Comments on Banking Agencies’ Proposed Revisions to Call Reports and FR Y-9
Regulatory Reporting and Accounting
BPI Comments on CFPB’s Proposed Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders
Regulatory Reporting and Accounting
BPI Responds to NYDFS Request for Comments Concerning Presumption of Control of NY-Charted or Licensed Institutions
Security
BPI and SIFMA Respond to NYDFS Proposal on Cybersecurity Requirements for Financial Services Companies
More Posts by This Author