H.R. 6249 · 116th Congress
Coronavirus Accounting Relief Act
- Stage
- In committee
- Sponsor
- Blaine Luetkemeyer
- Introduced
- 2020-03-12
- Latest action
- 2020-03-12 · Introduced in House
Summary
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.