Banking

FASB grants more time to react to accounting requirements upgrade

American Bankers Association members have up until Sept. 20 to send remarks to the Financial Standards Accounting Board on proposed modifications to its accounting requirements for acquired monetary possessions, rather than the 60-day remark duration FASB initially proposed. The board in June provided the proposed accounting requirements upgrade with an Aug. 28 due date for public remarks. In a letter, ABA stated the remark timeline was too brief for its member organizations offered the intricacy of the topic, which they required more time to communicate with crucial stakeholders to form an action.

ABA referred FASB agents who stated that feedback after Aug. 28 would be welcome as long as it was within a sensible duration following the due date. “ABA indicated to FASB that we, many of our members, and other stakeholders intend to provide comments as late as Sept. 20, 2023. In response, no objection was noted,” the association stated.

Gabriel

A news media journalist always on the go, I've been published in major publications including VICE, The Atlantic, and TIME.

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