Proposal:Coronavirus Accounting Relief Act

This proposal is archived and closed to further debate. It was introduced in the 116th Congress, which has concluded, and the bill was not enacted into law.

Bill	HR 6249
Type of Legislation	House Bill
Congress	116
Source	View original on Congress.gov

Geographic Scope

National

Description

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 Title

Coronavirus Accounting Relief Act

Linked Goals

• Goal:Promote General Welfare

Steps

• 2020-03-12: 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.
• 2020-03-12: 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.
• 2020-03-12: Introduced in House
• 2020-03-12: Introduced in House

Projected Outcome

A more informed proposal or public response aligned with the Promote General Welfare goal.