FASB ANNOUNCES MEMBERS
OF TRANSITION RESOURCE GROUP FOR CREDIT LOSSES
First Public Meeting Scheduled for April 1
Norwalk, CT, March 22, 2016—The Financial Accounting Standards Board (FASB) today announced the members of the Transition Resource Group (TRG) for its upcoming credit losses standard.
The TRG will solicit, analyze, and discuss implementation issues that could arise when organizations implement the upcoming credit losses standard. The group will then share their views with the FASB, which will help the Board determine what, if any, action is appropriate to address those issues. The TRG also will provide stakeholders with a forum to learn about the new standard from others involved with implementation.
“Due to the success of the initial Transition Resource Group for the revenue recognition standard, we decided to establish a similar group to help the Board proactively address stakeholder concerns related to the implementation and operationality of the upcoming credit losses standard,” said FASB Chair Russell G. Golden. “As the TRG discusses these issues, the Board can decide if it should take additional steps to provide educational materials on specific areas of concern, or if it needs to clarify the standard accordingly.”
TRG members include financial statement preparers (including community banks and credit unions), auditors, users, and financial services regulators. Below is the complete list of members:
- Diane Bellas, Director, Corporate Accounting Research at Allstate Insurance Company
- Fredrick Cannon, Director of Research, Chief Equity Strategist and Executive Vice Presidentat Keefe, Bruyette, & Woods, Inc.
- Chip Currie, Partner, National Professional Services Group, at PricewaterhouseCoopers LLP
- Graham Dyer, Senior Manager, Accounting Principles Consulting Group, at Grant Thornton LLP
- Sydney Garmong, Partner, National Office, at Crowe Horwath LLP
- Susan Hannigan, Senior Vice President and Chief Financial Officer at Jeanne D'Arc Credit Union
- Jon Howard, National Office Partner, Accounting Services, at Deloitte & Touche LLP
- Xihao Hu, Executive Vice President—Finance and Head of Accounting, Tax, Planning & Finance Shared Services at TD Bank
- Helen Killoch, Vice President and Chief Accountantat BMO Financial Group
- Mario Mastrantoni, Director of Accounting Policy at Wells Fargo & Company
- Mark Northan, Partner, Department of Professional Practice, at KPMG LLP
- Dan Palomaki, Managing Director, Accounting Policy at Citigroup
- Kevin Stoklosa, Group Vice President—Accounting Policy at M&T Bank
- Robert Wadley, Partner, Assurance Services—National Accounting, at Ernst & Young LLP
- Doug Wright, Chief Financial Officer at Mission Federal Credit Union
- Timothy Zimmerman, President & CEO at Standard Bank, PaSB.
- Wes Bricker, Deputy Chief Accountant at the U.S. Securities and Exchange Commission
- Steven Brown, Senior Vice President—Wholesale Credit Risk Management at U.S. Bank and member of the Private Company Council
- Barbara Vanich, Associate Chief Auditor at the Public Company Accounting Oversight Board
- Representatives from the Board of Governors of the Federal Reserve System, Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, National Credit Union Administration, and the Federal Housing Finance Agency on a rotating basis.
Stakeholders will be able to submit potential implementation issues for discussion by the TRG once the final standard is issued. Instructions for submission will be included on the TRG website. The FASB will evaluate each submission and prioritize the issues for discussion at public TRG meetings.
The FASB expects to issue the credit losses standard in mid-2016. For more information on the upcoming standard, please visit the FASB website.
About the Financial Accounting Standards Board
Established in 1973, the FASB is the independent, private-sector, not-for-profit 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.