Lawmaker Questions Accounting Proposal

Rep. Marge Roukema, chairwoman of the House Banking subcommittee on Finance and Consumer Credit raised concern regarding a proposal that has been submitted by an AICPA taskforce. The proposal takes issue with the ability of banks to reserve against unspecified losses.

The proposal addresses a recommendation that financial institutions should be limited in their ability to reserve for anticipated losses in loan portfolios.

Roukema also questions how a proposal initiated by the AICPA can have an influence over guidelines set by the SEC and various banking regulators. She’s requesting the SEC to also report on how it is handling concerns regarding the level of loan loss reserves of any publicly traded financial institutions.

Upcoming CPE Webinars

Apr 22
Is everyone at your organization meeting your client service expectations? Let client service expert, Kristen Rampe, CPA help you establish a reputation of top-tier service in every facet of your firm during this one hour webinar.
Apr 24
In this session Excel expert David Ringstrom, CPA introduces you to a powerful but underutilized macro feature in Excel.
Apr 25
This material focuses on the principles of accounting for non-profit organizations' revenues. It will include discussions of revenue recognition for cash and non-cash contributions as well as other revenues commonly received by non-profit organizations.
Apr 30
During the second session of a four-part series on Individual Leadership, the focus will be on time management- a critical success factor for effective leadership. Each person has 24 hours of time to spend each day; the key is making wise investments and knowing what investments yield the greatest return.