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Coronavirus Accounting Relief Act

USA116th CongressHR-6249| House 
| Updated: 3/12/2020
Blaine Luetkemeyer

Blaine Luetkemeyer

Republican Representative

Missouri

Cosponsors (5)
Andy Barr (Republican)Roger Williams (Republican)Denver Riggleman (Republican)Bill Huizenga (Republican)Bryan Steil (Republican)

Agriculture Committee, Financial Services Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
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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Timeline
Mar 12, 2020
Introduced in House
Mar 12, 2020
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.
  • March 12, 2020
    Introduced in House
  • March 12, 2020
    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.

Finance and Financial Sector

Accounting and auditingBanking and financial institutions regulationCardiovascular and respiratory healthCredit and credit marketsEmergency medical services and trauma careInfectious and parasitic diseases

Coronavirus Accounting Relief Act

USA116th CongressHR-6249| House 
| Updated: 3/12/2020
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.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Mar 12, 2020
Introduced in House
Mar 12, 2020
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.
  • March 12, 2020
    Introduced in House
  • March 12, 2020
    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.
Blaine Luetkemeyer

Blaine Luetkemeyer

Republican Representative

Missouri

Cosponsors (5)
Andy Barr (Republican)Roger Williams (Republican)Denver Riggleman (Republican)Bill Huizenga (Republican)Bryan Steil (Republican)

Agriculture Committee, Financial Services Committee

Finance and Financial Sector

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Accounting and auditingBanking and financial institutions regulationCardiovascular and respiratory healthCredit and credit marketsEmergency medical services and trauma careInfectious and parasitic diseases