Coronavirus Accounting Relief Act

2020-03-12

Introduced in House

Coronavirus Accounting Relief Act

This bill temporarily prohibits financial regulators from requiring any person impacted by COVID-19 (coronavirus disease 2019) to comply with the current expected credit loss rule issued by the Financial Accounting Standards Board in June 2016. (This rule establishes a credit loss accounting standard based on expected losses rather than incurred losses.)

The prohibition ends six months after the date of enactment.

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