Jan 31st 2013
The American Bankers’ Association recently released a Frequently Asked Questions document (ABA’s “FAQ on FASB”) on the Financial Accounting Standards Board’s Dec. 20, 2012 Proposed Accounting Standards Update: Financial Instruments-Credit Losses. (See also our related blog post on FASB’s proposal, which aims to move current GAAP from an ‘incurred loss’ to an ‘expected loss’ model).
The ABA’s “FAQ on FASB” can be a useful reference doc for a broad swath of users, preparers, auditors and board members, not only the banking industry.
I asked Donna Fisher, Senior Vice President, Tax, Accounting & Financial Management at the ABA for some background on why the ABA created this FAQ on FASB document, and for some of her initial reactions to the proposal. Read my Q&A with ABA's Fisher's here.