TITLE

Delay for Loss-Reserves Proposal

AUTHOR(S)
Davenport, Todd
PUB. DATE
October 2003
SOURCE
American Banker;10/22/2003, Vol. 168 Issue 203, p4
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
A proposal by the American Institute of Certified Public Accountants (AICPA) to toughen rules for loan-loss reserves is unlikely to take effect near yearend as planned. Mr. Fred Gill, the CPA group's senior technical manager of accounting standards, said it is important to let banks know that the rule will likely be delayed. The AICPA began its efforts on loan-loss accounting to resolve a conflict between banking regulators and the U.S. Securities and Exchange Commission over the appropriate timing of loss recognition on deteriorating loans. It began early in 1999, months after the SEC required SunTrust Banks Inc. to restate earnings, raising them by drawing down loss provisions.
ACCESSION #
11143511

 

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