WASHINGTON (Reuters) - The U.S. banking industry is set to get relief from a new global accounting rules standard, a small-bank leverage charge and other lending rules with the expected passage of a record $2 trillion congressional stimulus package in coming days.
The financial services industry, including big banks, community lenders, credit unions, and payday and auto financing lenders, joined a frenzy of lobbying on Capitol Hill in recent days as lawmakers rushed to craft the record package to prop up the economy amid chaos wrought by the novel coronavirus.
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Congress Poised to Derail Biggest Bank Accounting Change in Decades
The Senate on Wednesday took the unprecedented step of trying to force a delay of the biggest change to bank accounting in decades as part of a wide-ranging coronavirus economic relief package.
Lawmakers have attempted to intervene plenty of times in the way accounting standards take shape, but if the House passes the Covid-19 relief package and President Donald Trump signs it into law, it will be the first time Congress has blocked or delayed the work of the Financial Accounting Standards Board. Trump has said he supports the package.
Bloomberg - Are you a robot?
GASB may postpone some standards and implementation guidance due to coronavirus | Accounting
The Governmental Accounting Standards Board is considering delaying the effective dates of its standards and implementation guides because of the novel coronavirus pandemic.
GASB said Thursday it has added a project to its current technical agenda to consider postponing all of its Statement and Implementation Guide provisions with an effective date that starts on or after reporting periods beginning after June 15, 2018.
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Senate coronavirus relief package includes CECL delay | Accounting Today
The $2.2 trillion package passed by the Senate on Wednesday night includes a provision that would allow banks the temporary option to delay compliance with the credit losses accounting standard until either the end of the year or the end of the coronavirus national emergency, whichever comes earlier.
The CECL standard was originally set to take effect in January 2020 for SEC filers, except for smaller reporting companies (defined as those with a public float of less than $250 million; or annual revenue of less than $100 million and either no public float or a public float of less than $700 million), which are supposed to begin implementing it in January 2021.
Baker Tilly Expands Client Accounting Services with Oil and Gas Expertise
Leading advisory, tax and assurance firm Baker Tilly Virchow Krause, LLP (Baker Tilly) announces its intent to acquire Oil and Gas Business Solutions, Inc. (OGBS), a Dallas-based firm specializing in complex and unique bookkeeping and back office services in the oil and gas upstream sector.
Founded 50 years ago, OGBS serves small and mid-sized independent operators, oil and gas investors, royalty trusts and brokers. .
"OGBS is a great complement to Baker Tilly," Dallas Market Managing Partner Gary Boyd said. "Our energy practice is growing and staying ahead of the curve with increasingly diverse capabilities that address emerging technology, operational efficiency, financial structuring and tax strategies."
Accountants Still Working in a Changing Landscape - Twin Cities Business
As the $2 trillion economic stabilization package makes its way through Congress and Minnesotans hunker down for two more weeks of staying home, accountants are looking for ways to keep filing taxes and payroll.
The massive package, which would include payouts to everyone from individual taxpayers to big business, would also impact some tax laws, according to Chris Wittich, a CPA and partner with Bloomington-based Boyum Barenscheer.
Leadership: The hardest soft skill CPAs need today | Accounting Today
COVID-19 is affecting us all, whether that's through staying home or the unknown financial impacts that are snowballing. Couple that with tax season and your stress is likely running high. Not only are you fielding calls from clients looking for help and support with the decisions they need to make, your staff is looking to you for guidance. So how do you remain the calm, collected advisor that your clients and staff need right now?
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When that's the case, people feel in limbo and make up a story instead. There are two patterns seen when people are confronted with a reality they don't like that is either unwanted or doesn't fit with their story. They do one of the following:
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