Banks Want More Time to Weigh Loan Loss ‘Double Count’ Proposal

A major financial industry trade group wants US accounting standard-setters to give the public three extra months to weigh in on a proposal to make a much-watched change to landmark loan-loss accounting rules.

The current comment deadline for the Financial Accounting Standards Board’s plan to revamp how banks measure losses on loans they purchase or acquire in mergers coincides with quarter-end reporting for publicly traded businesses, the Securities Industry and Financial Markets Association told the Financial Accounting Standards Board. The group requested extending the deadline from Aug. 28 to Nov. 15.

“An extended comment period would provide more time ...