Coronavirus Accounting Relief Act

United States116th CongressHR-6249House of Representatives
Updated: Mar 12, 2020

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.

Bill texts

Available versions
Introduced (House)View official text

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Timeline

  1. Introduced in House

  2. Referred to the Committee on Financial Services, and in addition to the Committee on Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

    House of Representatives

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