Featured Product

    FASB Publishes Summary of Private Company Council Meeting in June 2019

    FASB published a summary of the June meeting of the Private Company Council. The key topics discussed at the meeting include leases, facilitation of the effects of the interbank offered rate (IBOR) transition on financial reporting, and issues related to the implementation of current expected credit losses (CECL) approach. The next meeting of the Council will be held during September 10-11, 2019 in Connecticut.

    The following are the key highlights of the meeting:

    • Implementation Topic: Leases—The Council members discussed private company implementation activities related to the new leasing standard. The Council members observed that many private company stakeholders are not adequately prepared for the upcoming effective date and discussed the factors that have contributed to that concern.
    • Facilitation of the Effects of the IBOR Transition on Financial Reporting—The staff provided Council members with an overview of the recent Board decisions related to contract modifications. The Board and the Private Company Council members highlighted the importance of making private companies aware of the upcoming change to reference rates as well as the guidance and related accounting relief FASB is considering; they also discussed ways to ensure that the message reaches a wide range of stakeholders. 
    • Implementation of CECL—The staff provided the Council members with an overview of recent standard-setting activities related to CECL. The Council members discussed potential difficulties for private companies and urged the Board to continue to provide training and examples, as the effective date approaches.

     

    Related Links

    Keywords: Americas, US, Accounting, Banking, Securities, IFRS 9, Leases Standard, IFRS 16, CECL, IBOR, Reporting, Reference Rates, Private Company Council, FASB

    Featured Experts
    Related Articles
    News

    PRA Proposes Changes to Consolidated Prudential Rules Under CRD5/CRR2

    PRA proposed rules (in CP12/21) for the application of existing consolidated prudential requirements to financial holding companies and mixed financial holding companies that have been approved or designated in accordance with Part 12B of the Financial Services and Markets Act 2000 (FSMA).

    June 21, 2021 WebPage Regulatory News
    News

    ECB Extends Leverage Ratio Relief for Banks Until March 2022

    ECB Banking Supervision announced that euro area banks it directly supervises may continue to exclude certain central bank exposures from the leverage ratio until March 2022.

    June 18, 2021 WebPage Regulatory News
    News

    OSFI Consults on Treatment of Credit Valuation Adjustments

    OSFI decided to increase the Domestic Stability Buffer from 1.00% to 2.50% of total risk-weighted assets, with effect from October 31, 2021.

    June 18, 2021 WebPage Regulatory News
    News

    HKMA Requires Banks to Submit Plans for Fintech Adoption

    HKMA is requesting banks to participate in a tech baseline assessment, which forms part of the HKMA Fintech 2025 strategy.

    June 18, 2021 WebPage Regulatory News
    News

    OSFI Consults on Operational Risk Capital Data Management Expectations

    OSFI published two documents to consult on the management of operational risk capital data for institutions required, or for those applying, to use the Basel III standardized approach for operational risk capital in Canada.

    June 18, 2021 WebPage Regulatory News
    News

    NGFS on Addressing Financial Stability Issues from Biodiversity Loss

    The NGFS Study Group on Biodiversity and Financial Stability published a Vision paper exploring the case for action in addressing the financial stability concerns arising from biodiversity loss.

    June 18, 2021 WebPage Regulatory News
    News

    ACPR Publishes CREDITIMMO Version 2.3.0 Taxonomy for Banks

    ACPR published the final version of CREDITIMMO 2.3.0 taxonomy for the decree of October 31, 2021.

    June 18, 2021 WebPage Regulatory News
    News

    EC Prolongs Italian Guarantee Scheme for Non-Performing Loans

    EC, has approved, under the EU State Aid rules, the fourth prolongation of the Italian guarantee scheme to facilitate the securitization of non-performing loans.

    June 18, 2021 WebPage Regulatory News
    News

    ECB Amends Guideline on Temporary Collateral Easing Measures

    ECB published Guideline 2021/975, which amends Guideline ECB/2014/31, on the additional temporary measures relating to Eurosystem refinancing operations and eligibility of collateral.

    June 17, 2021 WebPage Regulatory News
    News

    EIOPA Releases Report on Artificial Intelligence Governance Principles

    EIOPA published a report, from the Consultative Expert Group on Digital Ethics, that sets out artificial intelligence governance principles for an ethical and trustworthy artificial intelligence in the insurance sector in EU.

    June 17, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7128