FASB Publishes Summary of Tentative Board Decisions at January Meeting
FASB published a summary of the tentative decisions taken at its Board meeting in January 2019. The key topics on which tentative decisions were made include simplifying the balance sheet classification of debt and the targeted transition relief for Financial Instruments—Credit Losses (Topic 326).
Simplifying the balance sheet classification of debt—FASB continued re-deliberations of the proposed Accounting Standards Update, Debt (Topic 470): Simplifying the Classification of Debt in a Classified Balance Sheet (Current versus Noncurrent). FASB directed the staff to continue its research on a potential alternative that considers the contractual linkage between certain debt arrangements and unused long-term financing arrangements in place at the balance sheet date. That research would consider the underlying economics of, and the markets for, those arrangements and illustrative examples related to unused long-term financing arrangements.
Targeted transition relief for financial instruments—credit losses—FASB decided to exclude debt securities classified as held-to-maturity from the scope of a proposed Accounting Standards Update that would address targeted transition relief for Topic 326, Financial Instruments—Credit Losses. FASB concluded that it has received sufficient information and analysis to make an informed decision and that the expected benefits of the proposed amendments would justify the expected costs. FASB directed the staff to draft a proposed Accounting Standards Update for vote by written ballot with a 30-day comment period.
Related Links
Keywords: Americas, US, Banking, Accounting, Tentative Decisions, Financial Instruments, Classification of Debt, Accounting Standards Update, Topic 326, Topic 470, FASB
Previous Article
DNB Revises Instructions for COREP Templates C09.01 and C09.02Related Articles
BIS and Central Banks Experiment with GenAI to Assess Climate Risks
A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe
Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures
Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.
Singapore to Mandate Climate Disclosures from FY2025
Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
EBA Proposes Standards Related to Standardized Credit Risk Approach
The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.
ECB to Expand Climate Change Work in 2024-2025
Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.
