New commercial financing disclosure laws taking effect in New York on Aug. 1 and their impact on the commercial equipment leasing and finance sector are top priorities of ELFA’s State Advocacy team, led by Vice President of State Government Relations...
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July 20, 2023, 07:18 AM
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The Canadian Finance and Leasing Association (CFLA) shared that the Government of Alberta tabled amendments that allow e-chattel paper under Bill 9 – Red Tape Reduction Statutes Amendment Act, 2023. Bill 9 passed its third reading in the Legislative...
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March 24, 2023, 07:05 AM
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In a poll conducted by a trade association, since new California disclosure rules were implemented in December 2022, 40 percent of respondents were found to be “no longer lending” to prospective borrowers who fall within the regulations’ threshold of...
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March 22, 2023, 07:18 AM
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Northteq, Inc., a provider of Salesforce loan origination solutions, announced its new commercial lending disclosure application, Disclosure Direct for Salesforce, is now available for commercial and equipment finance lenders.Beginning Dec. 9...
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December 09, 2022, 07:22 AM
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China International Marine Containers Group Co. Ltd. (CIMC) confirmed it has abandoned its intended acquisition of Maersk Container Industry A/S and Maersk Container Industry Qingdao Ltd. (collectively, MCI) after the Justice Department’s Antitrust...
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August 26, 2022, 07:10 AM
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EZLease announced its free, full-function offering for private and government organizations managing small lease portfolios. Resource-constrained organizations now have a free way to experience the fastest path to long-term lease accounting...
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July 15, 2022, 07:05 AM
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The Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update (ASU) that would extend the period of time preparers can utilize the reference rate reform relief guidance and expand the Secured Overnight Financing Rate...
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April 21, 2022, 06:10 AM
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The Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) intended to improve the decision usefulness of information provided to investors about certain loan refinancings, restructurings and writeoffs.FASB Chair...
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April 01, 2022, 07:17 AM
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With the final ASC 842 lease accounting compliance deadline finally in sight, private companies are quickly shifting focus after 73 percent deprioritized their lease accounting transition in 2020, according to a new report, “To the ASC 842 Finish...
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December 15, 2021, 07:04 AM
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LeaseQuery, a provider of software built to simplify the complexities of accounting, announced two new installments of its LEASE (Lease Essentials: Advice Shared by the Experts) Summit, the FASB Series and GASB Series. During these virtual events...
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December 09, 2021, 07:07 AM
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The Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update (ASU) to improve the decision usefulness of information provided to investors about certain loan refinancings, restructurings and writeoffs. Stakeholders...
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November 24, 2021, 07:20 AM
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The Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) that improves discount rate guidance for lessees that are not public business entities—including private companies, not-for-profit organizations and employee...
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November 12, 2021, 07:22 AM
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The Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) intended to improve an area of the leases guidance related to a lessor’s accounting for certain leases with variable lease payments.During the FASB’s...
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August 20, 2021, 06:00 AM
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Visual Lease introduced ASC 842 Proven Path, a full end-to-end lease accounting solution for private companies with fewer than 100 leases. Similar to the company’s GASB 87 Complete solution, ASC 842 Proven Path combines Visual Lease’s software...
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August 13, 2021, 07:00 AM
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Visual Lease unveiled the results of an in-depth study of 500 senior finance and accounting professionals analyzing where companies are in their efforts toward achieving compliance with ASC 842. The report reveals that despite 100 percent of...
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August 02, 2021, 07:10 AM
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The Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) intended to improve an area of the leases guidance related to a lessor’s accounting for certain leases with variable lease payments.During the FASB’s...
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July 20, 2021, 07:20 AM
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The Financial Accounting Standards Board (FASB) published an Invitation to Comment (ITC) that gives stakeholders the opportunity to provide feedback on its future standard-setting agenda. Stakeholders are asked to review and provide comment on the...
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June 25, 2021, 07:06 AM
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Global practices for sustainability reporting and assurance over that information—including the prevalence of assurance, level of assurance, and standard and practitioner used—varies widely by jurisdiction, according to a new study from the...
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June 24, 2021, 07:00 AM
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With a few months to go before private organizations must include most leases on their balance sheets for fiscal years starting after Dec. 15, 2021, one-fifth (19.8 percent) of privately held organization executives still feel unprepared to comply...
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May 25, 2021, 07:09 AM
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The Financial Accounting Standards Board (FASB) hosted a virtual roundtable on implementation of the current expected credit losses (CECL) standard and related technical issues. The CECL roundtable is part of the FASB’s ongoing post-implementation...
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May 21, 2021, 07:15 AM
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Companies are continuing to feel the brunt of the new lease accounting standards this year, with the average company seeing lease liability increases of 419 percent, according to the latest 2021 Lease Liabilities Index Report from accounting...
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May 19, 2021, 07:05 AM
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The Financial Accounting Standards Board (FASB) announced it will host a virtual roundtable on implementation of the current expected credit losses (CECL) standard and related technical issues. The event will be webcast live at www.fasb.org on...
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April 21, 2021, 07:00 AM
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LeaseCrunch said it sees four key trends in 2021 in lease accounting implementation, as non-public companies are the next to get into compliance.“2020 was a year no one expected,” said LeaseCrunch CEO Ane Ohm. “COVID-19 changed the way businesses...
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February 16, 2021, 07:05 AM
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The American Institute of CPAs (AICPA) and a coalition of more than 560 organizations representing millions of employers and American workers sent Congressional leaders a letter urging passage of legislation making it clear that expenses related to a...
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December 04, 2020, 07:18 AM
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The Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update (ASU) that would clarify the scope of the FASB’s recent reference rate reform guidance. Stakeholders are asked to review and provide input on the proposed...
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October 30, 2020, 07:12 AM
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Leaseurope, the trade federation representing leasing and automotive rental at European level, has called on the International Accounting Standards Board (IASB) to “Think Small First” before extending new lease accounting rules to its IFRS for SMEs...
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October 29, 2020, 07:25 AM
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The Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update (ASU) intended to improve three areas of the leases guidance. Stakeholders are encouraged to review and provide comments on the proposed changes by Dec....
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October 21, 2020, 07:20 AM
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The Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) that grants a one-year effective date delay for certain companies and organizations applying the revenue recognition and leases guidance. Early application...
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June 04, 2020, 07:20 AM
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The Financial Accounting Standards Board (FASB) staff issued a question-and-answer document to address stakeholder questions on the application of the lease accounting guidance for lease concessions related to the effects of the COVID-19...
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April 13, 2020, 07:20 AM
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Financial Accounting Standards Board held a public meeting April 8 to approve measures intended to provide stakeholders with accounting relief and clarity during the COVID-19 crisis. FASB Chairman Russell G. Golden issued the following statement:
In...
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April 09, 2020, 07:21 AM
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The Governmental Accounting Standards Board (GASB) announced that it has added a project to its current technical agenda to consider postponing all Statement and Implementation Guide provisions with an effective date that begins on or after reporting...
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March 27, 2020, 07:10 AM
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Work to adopt the mandatory Governmental Accounting Standards Board (GASB) lease accounting standard (GASB 87) has not begun for half of those employed in state and local governments (51.4 percent) and public higher education institutions (50...
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March 23, 2020, 07:00 AM
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The Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) that provides temporary optional guidance to ease the potential burden in accounting for reference rate reform.“This new ASU provides stakeholders with the...
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March 13, 2020, 07:20 AM
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The Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) that makes narrow-scope improvements to various aspects of the financial instruments guidance, including the current expected credit losses (CECL) standard...
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March 10, 2020, 07:15 AM
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The Financial Accounting Standards Board (FASB) announced the date of its public roundtable discussion on the implementation of its accounting standard on leases. The discussion will focus on broad technical issues, such as embedded leases and...
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March 06, 2020, 07:15 AM
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Implementation of the new lease accounting standard has led to average balance sheet lease liability increases of 1,475 percent, according to new research from lease accounting technology provider, LeaseQuery. In an analysis of more than 400 balance...
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February 19, 2020, 07:21 AM
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The Governmental Accounting Standards Board issued guidance addressing various accounting and financial reporting issues identified during the implementation and application of certain GASB pronouncements.The issues covered by GASB Statement No. 92...
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February 10, 2020, 07:03 AM
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LeaseAccelerator announced its latest release includes full support for the GASB 87 lease accounting standard. Over the next 12 months, state and local government agencies as well as many state-funded port authorities, educational institutions...
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December 24, 2019, 07:05 AM
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The Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) that addresses issues raised by stakeholders during the implementation of Accounting Standards Update No. 2016-13, Financial Instruments—Credit Losses (Topic...
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November 27, 2019, 07:25 AM
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The Financial Accounting Standards Board (FASB) issued two Accounting Standards Updates (ASUs) that finalize various effective date delays for standards on current expected credit losses (CECL), leases, hedging and long-duration insurance...
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November 18, 2019, 07:12 AM
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The Financial Accounting Standards Board (FASB) approved an Accounting Standards Update (ASU) to provide temporary, optional guidance to ease the potential burden in accounting for, or recognizing the effects of, reference rate reform on financial...
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November 14, 2019, 07:05 AM
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The Financial Accounting Standards Board has extended the implementation deadline for several accounting standards, giving many U.S. companies additional time to prepare, the Wall Street Journal reported.FASB on Wednesday approved its proposals for...
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October 17, 2019, 07:20 AM
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QuickBridge, a privately held, alternative lender offering small business loans nationwide, released an eBook on the impact recent tariffs have had on small businesses in the U.S. QuickBridge’s “Tariffs and Small Businesses: Exploring the Real-World...
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September 26, 2019, 07:10 AM
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The Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update (ASU) that would grant private companies, not-for-profit organizations and certain small public companies additional time to implement FASB standards on...
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August 16, 2019, 07:30 AM
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The Financial Accounting Standards Board plans to propose delaying effective dates for four key standards for certain groups of financial statement preparers after a series of votes taken at a board meeting last week, according to the Journal of...
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July 23, 2019, 07:20 AM
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The Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update (ASU) that would address issues raised by stakeholders during the implementation of Accounting Standards Update No. 2016-13, Financial Instruments—Credit...
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June 28, 2019, 07:24 AM
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LeaseAccelerator released a new report analyzing the financial reports and disclosures of S&P 500 companies that have adopted the new lease accounting standards. Reporting a collective total of $503 billion in operating lease liabilities and $69...
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June 26, 2019, 06:30 AM
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The Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) that eases transition to the credit losses standard by providing the option to measure certain types of assets at fair value. Issued in 2016, the credit...
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May 16, 2019, 07:11 AM
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Two professional groups have asked the Financial Accounting Standards Board to delay the private company implementation date for new lease accounting rules by a year, the Wall Street Journal reported.The American Institute of Certified Public...
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May 15, 2019, 07:30 AM
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As U.S. finance companies prepare for major changes in accounting requirements for calculating credit losses, they can benefit from hard lessons learned by international equipment finance businesses that have already tackled similar new standards...
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April 30, 2019, 07:17 AM
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LeaseAccelerator announced the results of the its third annual Progress Report on ASC 842, which focuses exclusively on U.S.-based private companies and their readiness for the new lease accounting standards. The deadline for most U.S.-based private...
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April 11, 2019, 07:20 AM
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The Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) that addresses two lessor implementation issues and clarifies that lessees and lessors are exempt from a certain interim disclosure requirement associated...
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March 07, 2019, 07:15 AM
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The federal bank regulatory agencies approved a final rule modifying their regulatory capital rules and providing an option to phase in over a period of three years the day-one regulatory capital effects of the update to the accounting standard known...
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December 27, 2018, 07:15 AM
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The Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) expected to reduce lessor’s implementation and ongoing costs associated with applying the new leases standard. The ASU also clarifies a specific lessor...
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December 12, 2018, 07:19 AM
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The Financial Accounting Standards Board (FASB) has issued an Accounting Standards Update (ASU) that amends the transition requirements and scope of the credit losses standard issued in 2016. “Since issuing the credit losses standard, the FASB staff...
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November 19, 2018, 07:00 AM
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The U.S. Department of the Treasury and Internal Revenue Service (IRS) announced proposed regulations on increasing and expanding the first-year depreciation deduction for qualified property. This increased benefit will expand opportunities for small...
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August 15, 2018, 07:07 AM
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The Financial Accounting Standards Board (FASB) issued a proposal that would reduce costs and ease implementation of the Leases standard for financial statement preparers. The proposal would also clarify a specific requirement in the standard related...
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August 14, 2018, 07:20 AM
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The Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) that reduces costs and eases implementation of the leases standard for financial statement preparers. “The targeted improvements in the ASU address areas our...
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July 31, 2018, 07:17 AM
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U.S. bank profits are projected to reach pre-crisis levels but CECL could slow overall balance sheet growth, according to a new report from S&P Global Market Intelligence that also questions the benefits of newly enacted tax reforms.S&P Global Market...
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June 01, 2018, 07:15 AM
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New financial reform legislation easing the Dodd-Frank Act (DFA) for smaller and custodial banks is not likely to be a near-term ratings issue but could be negative for some banks' credit profiles over the long term, if it results in significantly...
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May 29, 2018, 07:20 AM
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Just 21.2 percent of finance, accounting and other professionals say their companies are "extremely" or "very" prepared to comply with the Financial Accounting Standards Board's (FASB) and International Accounting Standards Board's (IASB) respective...
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March 20, 2018, 07:05 AM
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While banks, insurers and specialty finance companies are making progress toward the implementation of the Current Expected Credit Loss (CECL) standard, widespread uncertainty regarding key decisions on accounting, modeling and data inputs has slowed...
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October 12, 2017, 07:14 AM
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On August 17, 2017, the Environmental Protection Agency (EPA) announced that they would "revisit" portions of the EPA and the National Highway Traffic Safety Administration's (NHTSA) joint rule on Greenhouse Gas Emissions Phase II. In its release...
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August 22, 2017, 07:47 AM
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The Governmental Accounting Standards Board (GASB) issued guidance that establishes a single approach to accounting for and reporting leases by state and local governments. This single approach is based on the principle that leases are financings of...
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June 29, 2017, 07:27 AM
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The Association of International Certified Professional Accountants (the Association), a new organization composed of the American Institute of CPAs (AICPA) and the Chartered Institute of Management Accountants (CIMA), has provided comments on three...
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January 23, 2017, 07:00 AM
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The Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve Board on Tuesday announced that Bank of America, Bank of New York Mellon, JP Morgan Chase, and State Street adequately remediated deficiencies in their 2015 resolution plans....
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December 14, 2016, 07:18 AM
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The Federal Reserve Board on Monday invited public comment on a proposed rule to modify its capital plan and stress testing rules for the 2017 cycle. Among other changes, the proposal would tailor the Federal Reserve's Comprehensive Capital Analysis...
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September 28, 2016, 07:09 AM
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The Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) that improves financial reporting by requiring timelier recording of credit losses on loans and other financial instruments held by financial institutions and...
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June 22, 2016, 07:15 AM
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In a recent survey by KPMG LLP, the audit, tax and advisory firm, nearly half of all companies surveyed have not begun to assess the impacts of the new FASB lease accounting standard, which has an effective date of January 1, 2019. “Although the...
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June 15, 2016, 07:07 AM
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CHP Consulting has published the final version of its authoritative whitepaper on changes in international lease accounting standards.The fully revised Lease Accounting Reform: The Systems Impact for Asset Finance Lessors reflects the final standards...
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March 25, 2016, 07:15 AM
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The International Accounting Standards Board® (the Board) issued a new accounting Standard, called IFRS 16 Leases. It replaces accounting requirements introduced more than 30 years ago that are no longer considered fit for purpose and is a major...
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January 15, 2016, 07:30 AM
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The Financial Accounting Standards Board (FASB) voted to proceed with a new accounting standard that would require companies and other organizations to include lease obligations on their balance sheets. The final Accounting Standards Update (ASU) is...
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November 12, 2015, 07:30 AM
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The American Institute of CPAs (AICPA) has urged Congress to act immediately on legislation that would temporarily or permanently extend the more than fifty provisions in the Internal Revenue Code, which are commonly referred to as the “tax extenders...
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October 13, 2015, 07:06 AM
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The Federal Reserve Board on Monday issued a final order that establishes enhanced prudential standards for General Electric Capital Corporation (GECC), a nonbank financial company designated by the Financial Stability Oversight Council (FSOC) for...
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July 21, 2015, 07:15 AM
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The Federal Reserve Board on Monday approved a final rule requiring the largest, most systemically important U.S. bank holding companies to further strengthen their capital positions. Under the rule, a firm that is identified as a global systemically...
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July 21, 2015, 07:06 AM
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The International Accounting Standards Board (IASB) is in the process of finalizing a new International Financial Reporting Standard (IFRS) that will require companies to bring leases onto the balance sheet. On March 16, 2015, it published a...
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March 17, 2015, 07:03 AM
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The National Federation of Independent Business (NFIB) released new research projecting nearly 200,000 more jobs and billions in higher economic productivity if Congress and the President agree to permanently increase the amount that businesses can...
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February 10, 2015, 07:03 AM
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Bloomberg reported the Federal Reserve said it plans to oversee GE Capital Corp. in a similar manner to the way it supervises large bank-holding companies. According to the Bloomberg report, the Fed asked for public comment today on its regulation of...
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November 26, 2014, 07:22 AM
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The Governmental Accounting Standards Board (GASB) has issued for public comment a Preliminary Views, Leases, which includes proposals to improve the accounting and financial reporting for leases for state and local governments from both a lessee and...
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November 21, 2014, 07:05 AM
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CG Commercial Finance (CGCF) and Bill Bosco released their update on the GAAP/IFRS convergence project. CGCF is providing this summary to its clients to assist them to better understand the status of the project and how it may affect their business...
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October 10, 2014, 05:00 AM
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The American Institute of CPAs (AICPA) urged Congress “to immediately address the fifty-seven tax provisions that expired at the end of 2013 and the six tax provisions that expire at the end of 2014.”
Congress began consideration of extenders...
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September 19, 2014, 07:00 AM
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According to the Wall Street Journal, U.S. and international accounting rule makers are getting closer to a final version of thier proposed lease accounting overhaul, but the two boards are unlikely to use the same lease expensing model in their...
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August 11, 2014, 06:50 AM
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AccountingWEB reported that the House of Representatives passed a bill on Friday morning that would permanently extend the bonus depreciation tax break for businesses. Under HR 4718, businesses would be able to claim an additional first-year...
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July 14, 2014, 07:00 AM
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Full U.S. adoption of International Financial Reporting Standards (IFRS) appears unlikely to occur in the intermediate-term as the major accounting standard setters continue to move away from full convergence of their standards, according to a Fitch...
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July 09, 2014, 06:37 AM
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According to an article posted on Rental Pulse, the U.S. House of Representatives passed H.R. 4457, the American Small Business Tax Relief Act of 2014 on June 12th extending Section 179 of the tax code allowing small businesses to expense up to...
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June 16, 2014, 07:00 AM
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The FASB and the IASB continued redeliberations of the proposals included in the May 2013 Exposure Draft, Leases, specifically discussing the following topics: (1) lessee accounting model, (2) lessor accounting model, (3) lessor Type A accounting...
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March 25, 2014, 06:40 AM
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According to a report in the Journal of Accountancy, FASB and the IASB are still struggling to find common ground in their efforts to create a converged standard for financial reporting on leases.During a Tuesday meeting at FASB’s headquarters in...
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March 20, 2014, 07:00 AM
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Corporation Service Company announced that it has concluded and released the results of its survey of UCC Article 9 professionals.
CSC’s goal was to assemble the first-ever comprehensive overview of UCC Article 9 best practices and insights from UCC...
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February 07, 2014, 06:29 AM
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Reuters reports that the draft rule forcing companies to put leases on their balance sheets is set to be eased after fierce opposition from companies worried that investors would take fright and that loans linked to leverage would be put at risk. The...
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January 28, 2014, 06:57 AM
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Additional complexities for accountants who deal with a large number of operating leases will arise from the IASB’s proposals says the Global Forum for Corporate Reporting.
Proposals to change the way in which leased assets are accounted for, put...
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September 16, 2013, 06:55 AM
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Moody's Investors Service has placed the senior and subordinated debt ratings of the holding companies for the six largest US banks on review as it considers reducing its government (or systemic) support assumptions to reflect the impact of US bank...
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August 23, 2013, 06:59 AM
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The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) formally announced plans to create a joint transition resource group focused on the upcoming final converged standard on revenue recognition. The...
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July 29, 2013, 07:01 AM
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James L. Kroeker, former chief accountant for the U.S. Securities and Exchange Commission (SEC), has been appointed a member and vice chairman of the Financial Accounting Standards Board (FASB). The appointment was announced by the Board of Trustees...
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July 25, 2013, 07:06 AM
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Reuters reported that the U.S. Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) found little common ground during a meeting held on Tuesday to help shield taxpayers from further bank bailouts despite...
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July 24, 2013, 06:58 AM
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Fitch Ratings expects lessors to face significant challenges in applying the new rules, but the impact on economic fundamentals in the leasing industry will be limited.Off-balance sheet treatment, which would end for most lessees under the terms of...
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July 18, 2013, 06:59 AM
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Reuters reported the U.S. financial risk council on Tuesday said it has designated American International Group and GE Capital as systemically risky, bringing them under stricter regulatory oversight. The Financial Stability Oversight Council's...
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July 10, 2013, 07:00 AM
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Bloomberg reported that GE Capital and American International Group Inc. (AIG) will not fight a decision by regulators that they pose potential risks to the economy.The Bloomberg report quotes Russel Wilkerson, a spokesman for GE Capital saying, “We...
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July 03, 2013, 07:05 AM
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The FASB and the IASB will host several joint public roundtable meetings on their revised joint proposals on leases that were published in May 2013: the revised proposed FASB Accounting Standards Update, Leases (Topic 842), and the IASB Exposure...
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July 03, 2013, 07:02 AM
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Thomson Reuters has released an overview of the Financial Accounting Standards Board's (FASB) proposed accounting standards for leases. The report covers topics such as:
Scope of the new guidance on leases
Definition and classification of a...
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June 11, 2013, 07:03 AM
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Reuters reported regulators on Monday proposed designating GE Capital, American International Group Inc, and Prudential Financial for heightened regulatory oversight. According to the report, the Financial Stability Oversight Council said it had...
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June 04, 2013, 07:08 AM
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According to an article posted on the Journal of Accountancy, IASB Chairman Hans Hoogervorst on Thursday acknowledged the converged lease accounting proposal is bound to be unpopular with many companies.The report states that in a telephone...
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May 17, 2013, 07:14 AM
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The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) today published for public comment a revised Exposure Draft outlining proposed changes to the accounting for leases. The proposal aims to improve...
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May 16, 2013, 07:24 AM
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According to a report on Accounting Today, fifteen of the largest banks in the U.S. have written a letter to the chairmen of the Financial Accounting Standards Board and the International Accounting Standards Board encouraging them to resolve their...
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May 15, 2013, 07:13 AM
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The Journal of Accountancy reported that FASB decided Wednesday to move forward with a re-proposal on financial reporting for leases that will be converged with that of the International Accounting Standards Board (IASB).According ot the report, the...
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April 12, 2013, 07:19 AM
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The U.S. Chamber of Commerce’s Center for Capital Markets Competitiveness (CCMC) released the “Fix, Add, Replace (FAR) Agenda” outlining the Center’s priorities for meaningful financial regulatory reform. The FAR Agenda tackles specific provisions of...
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April 05, 2013, 07:10 AM
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The Financial Accounting Standards Board (FASB) voted to extend the comment deadline for its proposal to improve financial reporting about expected credit losses on loans and other financial assets held by banks, financial institutions, and other...
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March 29, 2013, 07:14 AM
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The Financial Accounting Standards Board (FASB) will join the Accounting Standards Advisory Forum (ASAF), the new advisory group for the International Accounting Standards Board (IASB), the Financial Accounting Foundation (FAF) announced yesterday....
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March 20, 2013, 07:00 AM
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According to Fitch Ratings, the agreement by regulators to change the definitions and stress assumptions in the Liquidity Coverage Ratio (LCR), delay its full implementation and allow banks to use their liquidity buffer in times of stress sets a more...
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January 09, 2013, 07:31 AM
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Bloomberg reported global central bank chiefs gave lenders four more years to meet international liquidity requirements and watered down the measures in a bid to stave off another credit crunch.According to the report, banks won the delay to fully...
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January 07, 2013, 07:50 AM
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According to a Bloomberg report, Banks’ loan-loss reserves may jump 50% under a proposed U.S. accounting-rule change that redefines how quickly firms must recognize bad debts, standard-setters said. The report outlines how the proposed rule pushes...
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December 21, 2012, 07:00 AM
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Almost half of senior executives polled said they did not expect an agreement on the so-called “fiscal cliff” negotiations by year-end, according to a survey of more than 2,500 business leaders conducted by KPMG’s Tax Governance Institute (TGI)...
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December 17, 2012, 07:05 AM
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The Federal Reserve's 2013 stress test scenarios for U.S. banks, which include a slowdown in Asia's developing economies on top of severe U.S. and euro zone recessions, are still as tough as last year, according to Fitch Ratings. However, we believe...
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November 19, 2012, 07:00 AM
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Reuters reported that corporate lobbying may derail attempts by regulators to make companies account more clearly for leased equipment, the head of a global accounting rules body said on Tuesday.According to the report, currently the costs of such...
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November 08, 2012, 07:04 AM
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Bloomberg reported that GE Capital is in the final stage of a regulatory review to determine if it needs extra scrutiny because of the risk that its potential failure would pose to the U.S. economy, two people with direct knowledge of the matter said...
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October 08, 2012, 07:52 AM
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After being rigged by some of the world’s biggest financial institutions, the London interbank offered rate, the benchmark for more than $300 trillion of securities and loans, is now increasingly being set by a smaller group of banks.Bank of America...
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October 08, 2012, 07:32 AM
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Bloomberg reported that American International Group Inc. (AIG) said a U.S. panel told the insurer it’s under consideration to be labeled a potential risk to the financial system, the first non-bank to report such notification in a process that could...
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October 03, 2012, 07:42 AM
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CFO reports the rules on liquidity levels set by the Basel III framework for bank capital could curtail banks’ appetite for underwriting lines of credit for companies. The article makes reference to recent panel of bankers and risk managers brought...
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October 01, 2012, 07:45 AM
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Reuters reports Britain's top financial watchdog delivered a 10-point plan to fix LIBOR but stopped short of scrapping the benchmark interest rate in a much-awaited reform of a system plagued by scandal."The system is broken and needs a complete...
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September 28, 2012, 07:33 AM
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The IASB and the FASB discussed questions that have been raised about the Boards’ tentative decisions regarding sale and leaseback transactions; issues on how a lessee would account for leases under the single lease expense (SLE) approach; and issues...
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September 24, 2012, 06:33 AM
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CFO.com reports the new lease accounting proposal agreed upon by the FASB and IASB is still getting pummeled by finance executives. Ralph Petta, chief operating officer at the Equipment Leasing and Finance Association (ELFA) notes that the boards’...
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September 20, 2012, 07:14 AM
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The Federal Reserve Board is considering changes to the implementation timeline for the annual company-run stress test requirements required by the Dodd-Frank Wall Street Reform and Consumer Protection Act. The changes under consideration would delay...
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August 28, 2012, 07:52 AM
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Bloomberg reported the European Central Bank (ECB) is pushing global banking regulators to relax a draft liquidity rule so that lenders can use some asset-backed securities and loans to businesses in a buffer they must hold against a possible credit...
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August 28, 2012, 06:54 AM
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The U.S. Chamber of Commerce’s Center for Capital Markets Competitiveness (CCMC) today released “The Economic Consequences of the Volcker Rule,” which examines the numerous unintended, but nonetheless harmful, effects of the current Volcker Rule...
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July 20, 2012, 07:00 AM
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CFO.com reported that companies that lease equipment could see their profits shrink in the early years of a contract under the new proposed Financial Accounting Standards Board’s (FASB) and International Accounting Standards Board’s (IASB) June 13th...
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July 18, 2012, 07:29 AM
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An article posted on CFO.com states that CFOs and CEOs of nonfinancial companies will have to use tables to explain financial data if the Financial Accounting Standards Board’s (FASB) liquidity disclosure proposal moves forward.According to the...
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July 09, 2012, 07:25 AM
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The public versions of large banks' so-called "living will" plans, released by U.S. regulators offer few, if any, new details on the process by which banks and regulators would smoothly dispose of assets in a default scenario. Fitch Ratings believes...
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July 09, 2012, 07:00 AM
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Odessa Technologies, the developer of the LeaseWave suite of products, a fully integrated end-to-end lease and loan management solution, has published the second in a series of White Papers about the Dodd-Frank Act.The Dodd-Frank Act, named after its...
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June 26, 2012, 07:30 AM
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Leaseurope, the European Federation representing the leasing and automotive rental industry, is pleased to see that the Boards have officially communicated on the next steps in their Leases project. The timeframe should provide the leasing industry...
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June 15, 2012, 08:00 AM
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The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) today agreed on an approach for accounting for lease expenses as part of a project to revise lease accounting in International Financial Reporting...
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June 14, 2012, 07:50 AM
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Bloomberg reported Treasury Secretary Timothy F. Geithner has challenged bankers to give him specifics on their complaint that the Dodd-Frank Act is imposing costly, confusing and burdensome regulations on them, according to four people familiar with...
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June 06, 2012, 07:30 AM
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The Wall Street Journal reported U.S. and international accounting rule makers are readying to vote on a method for how new lease accounting rules will impact corporate earnings in June, resulting in a new draft of the rules being potentially...
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May 25, 2012, 08:00 AM
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Odessa Technologies, Inc., the developer of the LeaseWave suite of products, a fully integrated end-to-end lease and loan management solution, has published the first in a series of White Papers about the Dodd-Frank Act.The Dodd-Frank Act, named...
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May 16, 2012, 06:30 AM
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Bloomberg reported the largest U.S. banks, including JPMorgan Chase & Co. and Goldman Sachs Group Inc., told the Federal Reserve that a limit on their credit exposure is unnecessary and “fundamentally flawed.” According to the report, the Federal...
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April 30, 2012, 07:30 AM
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CHP Consulting has published the second in a series of thought leadership pieces on the IASB and FASB’s overhaul of lease accounting.Lease Accounting Reform: The Systems Impact for Asset Finance Lessors summarizes the key features of the proposals so...
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March 26, 2012, 06:30 AM
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Moody's Investors Service placed the Aa2 senior unsecured ratings of General Electric Company (GE) and General Electric Capital Corporation (GECC) under review for possible downgrade. The Prime-1 short-term ratings for both companies were affirmed....
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March 20, 2012, 08:00 AM
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In a new paper on lease accounting, “Are All Leases Created Equal?”, Grant Thornton LLP discusses the FASB’s and IASB’s current thinking on lease accounting. The Boards have tentatively decided on a single model for lessors (the receivable and...
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March 09, 2012, 06:30 AM
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The Financial Accounting Standards Board (FASB) has added to its agenda a project to re-examine the definition of a “nonpublic entity.” The decision by FASB Chairman Leslie F. Seidman to add the agenda project was based on comments from stakeholders...
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March 09, 2012, 06:00 AM
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In the February 28, 2012 FASB/IASB Joint Board Meeting, the FASB and the IASB discussed lessee accounting and, in particular, different methods of amortizing the right-of-use asset. They also discussed any consequences that a change to the lessee...
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March 02, 2012, 08:30 AM
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Reuters reported a senior U.S. regulator was "optimistic" on about finding a framework for the world's top economy to use global book keeping rules for investors to compare cross-border companies.
According to the report, currently, more than 100...
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February 21, 2012, 08:00 AM
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A coalition of several leading nonprofit and commercial organizations, including the U.S. Chamber of Commerce, released a report today that examines the economic impact of the International Accounting Standards Board (IASB) and Financial Accounting...
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February 17, 2012, 07:30 AM
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Bloomberg Businessweek reported the world’s largest banks have presented a list of changes to a proposed U.S. ban on proprietary trading, seeking to escalate the lobbying effort against the Volcker rule five months before it takes effect.According to...
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February 14, 2012, 07:30 AM
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The Association for Manufacturing Technology joined 115 associations in a letter urging House and Senate conferees to add a temporary extension of 100% bonus depreciation to the payroll tax cut bill currently under consideration.
The current law...
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February 13, 2012, 08:00 AM
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Bloomberg reported that Bank of America Corp., JPMorgan Chase & Co., Wells Fargo, Citigroup and Ally Financial (GMAC) reached a $25 billion settlement with 49 states and the federal government related to abusive foreclosure practices in the wake of...
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February 10, 2012, 07:30 AM
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Fitch Ratings expects the U.S. will still move forward with plans to incorporate International Financial Reporting Standards (IFRS) into U.S. GAAP, although in a prolonged, cautious and incremental way, according to a new report. Fitch believes a...
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January 19, 2012, 07:00 AM
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CHP Consulting, the developer of ALFA Systems, the definitive platform for asset finance, has published a specialist whitepaper evaluating the effects of Basel III on the leasing industry.Available from the CHP Consulting website, Basel III:...
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January 17, 2012, 07:00 AM
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Fitch Ratings today published an updated Asset-Backed sector specific criteria report titled 'Criteria for Rating U.S. Equipment Lease and Loan ABS.' This report updates and replaces the prior criteria report with the same name, dated Jan. 25, 2011....
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January 12, 2012, 06:30 AM
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Bloomberg reported that banks will be allowed go below minimum liquidity levels set by global regulators during financial crises to avoid cash-flow difficulties. As reported, the Basel Committee on Banking Supervision’s governing board said in a...
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January 09, 2012, 08:00 AM
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A recent article posted on CFO indicates that the SEC will likely not opine on whether the United States will fully meld its financial reporting with international financial reporting standards (IFRS), until later into 2012. According to the article...
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January 04, 2012, 06:00 AM
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This New Year may not be so happy for thousands of companies when they discover that they can no longer reap the benefits of 100% bonus depreciation in 2012. CFOs and tax directors across the country could see their tax bill double or more in the...
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December 30, 2011, 06:30 AM
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Reuters reported the Federal Reserve proposed new rules on Tuesday to restrain risk-taking by the largest U.S. banks as it tries to make the financial system more resilient against future crises.According to the report, the proposal, required by the...
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December 21, 2011, 07:30 AM
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Reuters reported the United States is likely to signal, perhaps this week, only qualified support for switching to global accounting rules, said a top standards official on Monday.According to the report, the U.S. Securities and Exchange Commission...
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December 06, 2011, 07:30 AM
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According to an article posted on AccountingWeb, the American Institute of Certified Public Accountants' (AICPA) governing council overwhelmingly approved a resolution that sends a strong message to the Financial Accounting Foundation (FAF): Either...
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November 23, 2011, 07:00 AM
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The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) issued for public comment, a revised draft standard to improve and converge the financial reporting requirements of International Financial...
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November 16, 2011, 07:00 AM
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The Associated Press reported the Federal Reserve said the central bank will conduct a new round of stress tests in the coming weeks to determine the financial strengths of banks to withstand another recession according the second-ranking member of...
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November 14, 2011, 06:30 AM
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