August 24, 2021
The Office of the Chief Accountant has provided new insight into three of the biggest questions posed in recent months by banks and other financial institutions.
December 29, 2020
The banking industry rose to the occasion to answer investor questions quickly about potential credit losses on loans during the current economic crisis, according to FASB advisory discussions.
October 22, 2020
The FDIC has approved an interim final rule to provide temporary relief from the Part 363 Audit and Reporting requirements for financial institutions that have experienced temporary growth due to participation in a variety of federal stimulus activities.
August 31, 2020
The AICPA has updated its technical accounting guide to explain how a lender should account for a forgivable loan that a borrower received under the Paycheck Protection Program (PPP). Because of the unique nature of PPP loans, the AICPA has been issuing staff answers to technical accounting questions.
June 23, 2020
Many financial institutions are working with borrowers on loan modifications, but a joint statement from a group of financial institution regulatory agencies details certain short-term modifications due to COVID-19 and the classification rules for troubled debt restructurings.
April 16, 2020
Banks and credit unions have some wiggle room under FASB rules when reporting interest income on loans modified as a result of the coronavirus economic stimulus package, an issue critical to earnings.
March 26, 2020
The FASB supports a new regulatory statement to push banks to work with borrowers impacted by the coronavirus so that loans can be modified quickly and easily.
December 11, 2019
The FASB recently issued amendments to clarify five issues under its credit loss accounting standard.
October 21, 2019
The FASB has approved proposals to delay the effective dates of its leases, credit losses, hedging, and long-duration insurance contract standards.
October 6, 2019
The FASB intends to give smaller financial institutions more time to adopt its new credit loss standard, but banks should not use this as an excuse to delay preparations for the accounting change.
August 14, 2019
The London Interbank Offered Rate is the most common reference rate in the global financial markets. But, by 2021, it will have been phased out in response to a series of scandals.
January 14, 2019
Community banks and credit unions will have more time before they’re required to apply the credit losses standard as a result of new FASB guidelines.
November 6, 2015
KraftCPAs PLLC is pleased to announce that Michael Davis became a member in the firm on Nov. 1, 2015.