The Financial Accounting Standards Board has made major improvements to its final accounting standards update on credit losses to address community bank concerns. While not perfect, the final Current Expected Credit Loss standard shows FASB has heeded the calls of community bankers for a more workable solution that will avoid disastrous consequences for local communities.

Key Resources from FASB and Regulators

ICBA Featured Resources

Date Title Publication
07/08/2016 FASB Hosting Webcast on Credit-Loss Standard NewsWatch Today
07/05/2016 ICBA Issues FAQs on New Credit-Loss Standard NewsWatch Today
07/01/2016 ICBA Answers Questions on FASB Credit-Loss Standard NewsWatch Today
06/24/2016 Fine: Community Bankers Achieve Key Accounting Reforms NewsWatch Today
06/23/2016 Fine: Hats Off to Community Bankers on Accounting Reforms NewsWatch Today
06/20/2016 Agencies Pledge Flexible FASB Standard Without Models, Third Parties NewsWatch Today
06/17/2016 FASB Issues Final Credit-Loss Accounting Standard NewsWatch Today
06/16/2016 ICBA: FASB Makes Major Improvements to Accounting Standard News Release
06/16/2016 FASB Releasing Final Credit Loss Standard Today NewsWatch Today
05/02/2016 Community Bank Successes on FASB Makes Headlines NewsWatch Today
04/27/2016 ICBA: FASB Continues Progress with Revised Accounting Disclosures News Release
04/22/2016 ICBA: CECL Reforms Show FASB Listening to Community Banks News Release
04/22/2016 Application of the Current Expected Credit Loss Model to Community Banks Letter to Regulators
03/17/2016 Industry Letter on Allowance for Loan Losses and the Current Expected Credit Loss Model Industry Letter to Regulators
03/08/2016 Current Expected Credit Loss Model Priority Policy Resolution
03/08/2016 Accounting/Auditing Policy Resolution
02/24/2016 Treatment of Equity Investment Securities in Community Bank Regulatory Capital Letter to Regulators
02/04/2016 ICBA to FASB: Hit Stop Button on Dangerous Accounting Plan News Release
01/07/2016 ICBA Calls for Community Banker Meeting with Full FASB Board News Release
01/07/2016 Letter to FASB Chariman Golden on CECL Letter to Regulators
12/16/2015 ICBA Leadership: FASB Comments Slander Community Banks NewsWatch Today
12/15/2015 Letter to FASB Chairman Russell Golden Letter to Regulators
12/10/2015 ICBA Statement on Comments by Financial Accounting Standards Board Chairman Russell Golden News Release
02/24/2015 Proposed Accounting Standards Update, Financial Instruments—Credit Losses Letter to Regulators
11/03/2014 Industry Letter on PCAOB Staff Consultation Paper on Auditing Fair Value Estimates Industry Letter to Regulators
12/18/2013 ICBA Delivers Petition Opposing Costly Accounting Proposal News Release
12/16/2013 Industry Letter Opposing the Financial Accounting Standards' Current Expected Credit Loss Model Proposal Industry Letter to Regulators
12/11/2013 Proposed Auditing Standards for Public Companies Letter to Regulators
09/23/2013 Conclusive Presumption of Worthlessness of Debts Letter to Regulators
09/12/2013 Proposed Changes to Lease Accounting Letter to Regulators
07/08/2013 Support for the Audit Integrity and Job Protection Act (H.R. 1564) Letter to Congress
06/18/2013 Support for the Audit Integrity and Job Protection Act (H.R. 1564) Letter to Congress
05/30/2013 Proposed Accounting Standards Update: Financial Instruments—Credit Losses Letter to Regulators
05/15/2013 Proposed Accounting Standards Update: Financial Instruments—Overall (Subtopic 825-10), Recognition and Measurement of Financial Assets and Financial Liabilities Letter to Regulators
03/27/2013 Comment Extension on Proposed Accounting Rules Letter to Regulators

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