HR 6249
116th Congress
House
Finance and Financial Sector
Accounting and auditing
Banking and financial institutions regulation
Cardiovascular and respiratory health
Credit and credit markets
Emergency medical services and trauma care
Infectious and parasitic diseases
Coronavirus Accounting Relief Act
Introduced: March 12, 2020
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
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.
Mar 12, 2020
Introduced in House
Plain-English 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.
What's happening now
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.
Committees of jurisdiction
2