BAN2203. FASB Update

During the past year, the FASB has focused on addressing priority issues identified by stakeholders—including the banking industry--as part of its 2021 agenda consultation project. Digital assets, software costs, and income tax disclosures are just some of the topics being addressed in new technical agenda projects. The Board also continues to conduct its post-implementation review (PIR) of the current expected credit losses (CECL) standard, which resulted in recently issued guidance to improve the usefulness of information provided to investors about certain loan refinancings, restructurings and write-offs, as well as an active project on acquired financial assets. During this panel, FASB Member Sue Cosper and Technical Director Hillary Salo will provide an overview of these and other projects that may impact the banking industry and why your feedback is continues to be important to help inform the Board’s work. They will conclude with an audience Q and A.

Learning Objectives:

• Assess progress on priority topics identified by stakeholders during the FASB’s 2021 agenda consultation process
• Interpret the FASB’s recently issued guidance to enhance disclosure requirements for certain loan refinancings and restructurings by creditors made to borrowers experiencing financial difficulty
• Evaluate the FASB’s current project on acquired financial assets
• Evaluate progress on other PIR and standard-setting activities relevant to banks and savings institutions.