HR 6249
Coronavirus Accounting Relief Act
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- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
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.
Sponsors
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Primary sponsor
Blaine Luetkemeyer
Cosponsors
Denver Riggleman
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