Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
CUNA: FASB Framework Must Recognize CU Structure
WASHINGTON (6/24/13)--The Credit Union National Association supports the efforts of the Financial Accounting Standards Board (FASB) to recognize "that there are material differences between private companies and public companies and that reporting requirements should reflect those distinctions, at least in some instances," in its proposed private company decision-making framework.
 
However, in a Friday comment letter to the standard setter, CUNA Assistant General Counsel Luke Martone said the uniqueness of the credit union structure should be recognized as FASB develops a decision-making framework that will guide the Private Company Council (PCC) as it determines whether exceptions to U.S. Generally Accepted Accounting Principles--or GAAP--for credit unions and other private entities are appropriate.
 
The framework should also help identify opportunities for reducing the complexity and costs associated with preparing financial statements in accordance with U.S. GAAP.

FASB and PCC are working to improve the process of setting accounting standards for private companies, and this process began with the release of a July 2012 discussion paper. The proposed framework followed the release of that paper, and many CUNA suggestions have been incorporated into the framework. Those suggestions regard:
  • The use of alternative recognition and measurement standards; and
  • The application of industry-specific guidance.
Use the resource link to read the complete CUNA comment.
Other Resources

CUNA Letter
RSS





print
News Now LiveWire
Matz: Revised @TheNCUA #RBC rule for #creditunions 2 B unveiled 1/15/15, 90-day comment period to follow #newsnow http://t.co/qABhvghSTU
1 Day ago
Just announced: @TheNCUA board will consider a revised risk-based capital rule at its Jan 15 mtg. See #NewsNow Monday for more info.
1 Day ago
Nearing one-yr anniversary of data breach, @Target asks for class action suits to be dismissed via @BloombergNews http://t.co/kra6kupd35
1 Day ago
.@PeoplesTrustFCU has been recognized with the Juntos Avanzamos designation by @Cornerstone_CUL for its service to the Hispanic community
1 Day ago
#NewsNow: Rep. Hensarling names #HFSC subcommittee chairs. http://t.co/dXAMZdpn1p
1 Day ago