Summary: H.R.6249 — 116th Congress (2019-2020)All Information (Except Text)

There is one summary for H.R.6249. Bill summaries are authored by CRS.

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Introduced in House (03/12/2020)

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.