Right now, the FASB and IASB are nowhere near agreeing on how loan loss accounting should be done and fifteen (!!!) banks including Bank of America, JPMorgan, Citigroup, Morgan Stanley, and Wells Fargo would like the rulemaking bods to get their act together:
While we acknowledge the difficulty inherent in reconciling disparate points of view, we strongly encourage the Boards to achieve convergence on what we believe is the most important MOU project. Although we continue to support an event-driven accounting framework for recognizing credit losses consistent with the proposal previously provided by members of the US banking industry, we acknowledge the need for a balanced approach that will broadly appeal to numerous constituents. While a converged standard may not necessarily lead to fully comparable results in practice, the differences between the models proposed by the Boards are far too great and will generate vastly different results. Ultimately, we believe compromise will be necessary by both Boards in order to achieve a converged credit impairment standard. We strongly encourage the Boards to renew their cooperation on this critically important matter.