Archives for FASB

Letter to the Basel Committee regarding Regulatory Treatment of Accounting Provisions (1/13/17)

Date: January 13, 2017

Issue: Accounting; International

To: Basel Committee on Banking Supervision

Filing Type: Comment Letter

Description: CCMC submitted comments regarding the Consultative Document and related Discussion Paper on Regulatory Treatment of Accounting Provisions —Interim Approach and Transitional Arrangements. The Consultative Documents recognize the introduction of new accounting standards by the International Accounting Standards Board and the United States Financial Accounting Standards Board that will require the use of expected credit loss (“ECL”) models instead of incurred loss models. CCMC urges the Committee not to move forward with any changes in regulatory treatment until banks have had a chance in the United States and elsewhere to see how ECL accounting and other expected credit loss metrics are actually working.

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Letter to FASB regarding accounting standards update on income taxes (9/30/16)

Date: September 30, 2016

Issue: Accounting

To: Financial Accounting Standards Board

Filing Type: Comment letter

Description: While the Chamber supports many aims of the proposal, we believe that some elements can be improved, particularly with respect to the term disclosure of “significant” income taxes paid to any country. Additionally, we believe that the proposal would benefit from recognition that disclosure of certain items is either not decision-useful or duplicative of existing SEC requirements, like cash held abroad and certain income-tax related items, and may be motivated by interests outside of the scope of the Proposal.

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Letter to the PCAOB regarding Proposed Auditing Standards (12/9/2013)

Date: December 9, 2013

Issue: Auditing

To:  PCAOB

Filing Type: Regulatory 

Description: Accordingly, the CCMC believes that the Proposal does not meet minimum thresholds required to move forward. Instead, the CCMC respectfully requests the PCAOB should work with the Securities and Exchange Commission (“SEC”) and Financial Accounting Standards Board (“FASB”) to move forward on a broad agenda of financial reporting modernization as outlined in the CCMC’s letter October 9, 2013 to SEC Chair Mary Jo White.

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Letter to FASB regarding proposed accounting standards update on presentation of financial statements (9/17/2013)

Date: September 17, 2013

Issue:  Accounting

To: Financial Accounting Standards Board

Filing Type: Regulatory

Description: The CCMC believes the Proposal would increase financial reporting complexity and potentially expand legal liability for companies, management, boards of directors, and auditors. Such a change in liability profiles may achieve the opposite outcome than FASB has intended by promoting boilerplate disclosures and not giving investors more decision useful information.

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Letter to FASB regarding the Master Glossary of the FASB Accounting Standards Codification (9/16/2013)

Date: September 16, 2013

Issue:  Accounting

To: Financial Accounting Standards Board

Filing Type: Regulatory

Description:  The CCMC agrees with FASB’s objective to amend the Master Glossary of the FASB Accounting Standards Codification to include one definition of public business entity for use in Generally Accepted Accounting Principles (“U.S. GAAP”) and identifying the types of business entities that would be excluded from the scope of the Private Company Decision-Making Framework: A Guide for Evaluating Financial Accounting and Reporting for Private Companies.

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