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SEC, FASB members offer no hopes for CECL delay

Tammy Whitehouse | November 12, 2018

Amid calls for a delay or changes to the pending new standard on credit losses, the top accountant at the Securities and Exchange Commission is defending the rulemaking process and its independence.

Wes Bricker, chief accountant at the SEC, said the Financial Accounting Standards Board has his “full support” in following its due process both in developing Accounting Standards Codification Topic 326, which requires a “current expected credit losses” to reporting loan losses, and now in answering calls for changes or a delay to the standard. Bricker spoke of his support for FASB between sessions at a Financial Executives International conference.

Big names in the financial services sector have simultaneously asked FASB to...

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