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

Jul 24
In this presentation Excel expert David Ringstrom, CPA revisits the Excel feature you should be using, but probably aren't. The Table feature offers the ability to both boost the integrity of your spreadsheets, but reduce maintenance as well.
Jul 31
In this session Excel expert David Ringstrom helps beginners get up to speed in Microsoft Excel. However, even experienced Excel users will learn some new tricks, particularly when David discusses under-utilized aspects of Excel.
Aug 5
This webcast will focus on accounting and disclosure policies for various types of consolidations and business combinations.