ICBA Addresses Accounting Concerns

Independent Banker, December 2010 | Go to article overview

ICBA Addresses Accounting Concerns


TOP ISSUE

With accounting issues among the top concerns for community bankers, ICBA has continued its campaign to convey the industry's positions to standards-setting bodies. ICBA discussed the Financial Accounting Standards Board's plan for fair-value accounting of financial instruments at a FASB roundtable and provided community banker perspectives on Generally Accepted Accounting Principles (GAAP) to a panel charged with reporting on standard setting for private companies.

Fair Value-Addressing a fair-value proposal for financial instruments, ICBA Treasurer Jack Hartings told FASB that not all impairments result in losses and that statement preparers need to consider information about the future, not just one point in time, when making assessments. He also raised concerns about the high costs of FASB's proposal in comparison to the questionable benefits it offers private company owners.

The panel of bankers, analysts, auditors and representatives of nonfinancial private companies and not-for-profits was generally unified in opposing the use of fair value to measure financial instruments held for the long term.

ICBA has repeatedly voiced its objection to the proposal. ICBA has told FASB that community banks are not in the business to create or purchase assets or liabilities for quick resale and that FASB's proposal, which would "mark to market" most financial instruments, would not reflect this business model. …

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