FASB to Host Credit Losses Roundtable in January 2019
Norwalk, CT, December 19, 2018—At a public meeting this morning, Financial Accounting Standards Board (FASB) Chairman Russ Golden announced that the FASB will host a public roundtable discussion on implementation issues related to the credit losses standard. The roundtable is expected to take place in January 2019.
Roundtable topics are expected to include the input to the FASB staff’s research on credit losses agenda requests, including a proposal submitted by a group of banks to consider an alternative to the income statement impact of the current expected credit losses (CECL) model. The FASB’s consideration of charge-offs and recoveries as a component of the vintage disclosures and other transition issues will also be discussed.
“Since issuing the credit losses standard in 2016, FASB members and staff have been working with stakeholders to facilitate a smooth transition by addressing questions and obtaining feedback on the guidance,” stated Mr. Golden. “The roundtable will provide stakeholders yet another opportunity to discuss cost-effective issues they believe the Board should address.”
Details about the roundtable, including information for participants and observers, will be announced on the FASB website in early January.
About the Financial Accounting Standards Board
Established in 1973, the FASB is the independent, private-sector organization, based in Norwalk, Connecticut, that establishes financial accounting and reporting standards for public and private companies and not-for-profit organizations that follow Generally Accepted Accounting Principles (GAAP). The FASB is recognized by the Securities and Exchange Commission as the designated accounting standard setter for public companies. FASB standards are recognized as authoritative by many other organizations, including state Boards of Accountancy and the American Institute of CPAs (AICPA). The FASB develops and issues financial accounting standards through a transparent and inclusive process intended to promote financial reporting that provides useful information to investors and others who use financial reports. The Financial Accounting Foundation (FAF) supports and oversees the FASB. For more information, visit www.fasb.org.