Issues & Trends | September 2023
Highlights from the SEC, economists, bank regulators, FASB and others on current topics for banks and savings institutions.
KPMG reports on the key messages from this year’s conference – including economic developments, regulatory updates and the emergence of artificial intelligence.
Current trends affecting the banking industry indicate that the upcoming years will be quite different than the recent past. Speakers at the AICPA National Conference on Banks and Savings Institutions, which took place September 11-13 in Greater Washington DC, discussed the implications of shifting economic conditions, market stresses of this past spring and the unpredictable yet vast potential of AI. Bankers, regulators, standard setters and auditors expressed the importance of trust and communication amongst industry stakeholders as these trends play out.
Banks & Savings Institutions
Download PDFFASB issues proposal for purchased financial assets
Proposal would largely eliminate Day 1 credit loss expense for certain purchased financial assets.
FASB proposes income statement disaggregation disclosures
Public companies would disclose specific natural expense categories in certain income statement captions.
PCAOB proposal would expand auditors' responsibilities
Proposed amendments would require auditors to identify a company’s noncompliance with laws and regulations.
FASB issues final ASU on crypto asset accounting
ASU 2023-08 introduces fair value measurement, separate presentation and new disclosures for in-scope crypto assets.
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