Financial Accounting News

Rulemaker Forges Ahead With Loan Loss Accounting Despite Critics

May 22, 2019, 10:26 PM

A growing push to delay a controversial accounting standard requiring early recognition of loan losses was a topic throughout Capitol Hill May 22.

But accounting rulemakers held steadfast through some 30 meetings with Congress and staff during the day and newly filed legislation from a senator calling for them to halt their signature response to the 2008 financial crisis.

Financial Accounting Standards Board Chairman Russell Golden said the board remained focused on getting the current expected credit losses (CECL) accounting standard across the finish line and ensuring that banks of all sizes can comply with it.

“We’re devoting a substantial...

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