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...
Cybersecurity Redundant Reporting Stresses Banks’ Cybersecurity Readiness, Warrants White House Review
Cybersecurity BPI and ABA Recommend Office of the National Cyber Director Harmonize Cyber Regulations
Regulatory Reporting and Accounting BPI and Coalition of Trades Oppose PCAOB’s Proposed Changes to Auditing Standards
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
More Posts by This Author
Bank Activities and Structure Our Assessment of the Federal Reserve’s Latest Semiannual Supervision and Regulation Report and Some Recommendations for Future Reports