The AICPA National Conference on Banks and Savings Institutions was held September 17-19, 2018. The conference featured representatives from the SEC, the FASB, banking regulatory agencies, accounting firms, the PCAOB, financial statement preparers, and various subject matter experts.
The key area of focus at this year’s AICPA National Conference on Banks and Savings Institutions was the current expected credit loss (CECL) model under ASC 326, Financial Instruments - Credit Losses. As the standard’s effective date for public business entities that are SEC filers quickly approaches, stakeholders continue to work through a number of technical, regulatory, process, and control considerations. The conference featured speakers from the SEC, the FASB, the banking regulatory agencies, the accounting firms, the PCAOB, and financial statement preparers who discussed these and other issues. These discussions highlighted that standard setters and stakeholders are working collaboratively with preparers and auditors.
Representatives from the SEC discussed their views on other topics, including considerations for digital assets, their expectations for provisional tax amounts related to the Tax Cuts and Jobs Act under SAB Topic 118, and their expectations for disclosures of the impact of newly-issued accounting standards under SAB Topic 74. Representatives from the FASB provided perspectives on new standards and upcoming agenda items. A PCAOB board member discussed recent changes to the composition of the agency’s board, its strategic plan, and recent inspection trends. In addition, financial statement preparers and auditors discussed their observations from implementation of the leasing standard. Finally, participants discussed diversity and inclusion in the profession.
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