State association execs support FASB proposal

State banking association executives have submitted a joint comment letter to the Financial Accounting Standards Board regarding the Exposure Draft:  Accounting Standard Update: Income Statement – Reporting Comprehensive Income (Topic 220) Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (“proposed ASU”).

The executives state in the letter they strongly support the proposal and recommend its immediate approval with early adoption permitted.

To read the letter, click here.