Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Thorough review of fair value accounting urged
WASHINGTON (11/18/08)--The Credit Union National Association (CUNA) has urged the Securities and Exchange Commission (SEC) to perform a “thorough and comprehensive examination of the positive and negative effects of mark-to-market accounting, especially when used in a stagnant market.” CUNA’s viewed were expressed in a comment letter to the SEC in response to its 90-day study on mark-to-market accounting. “While credit unions generally practice more conservative investment strategies than other financial institutions, the wide-spread nature of the current financial crisis is likely to have at least some effect on credit unions,” noted CUNA. The trade association encouraged the SEC to explore how an institution's intent to hold an asset can be incorporated into determining its "fair value." “We also ask that the study include a look at auditor practices and the inflexibility shown by some firms in conducting the measurement process under fair value accounting,” wrote CUNA. Access the full letter using the resource link below.


RSS print
News Now LiveWire
Even 1 step makes a difference in preparing for disasters #creditunions #NewsNow http://t.co/eFUmMJnIwA
7 hours ago
From today's @USATODAY front page, a shout out to #CreditUnions courtesy of @CUNA http://t.co/881vLPeECN
9 hours ago
Happy anniversary to the ATM! 45 years of self-service cash HT @GOBankingRates http://t.co/ycsm3GFwk5
10 hours ago
.@USATODAY print edition features #creditunion membership march to #100mm. Zoom in on lower left hand corner #NewsNow http://t.co/Xv8fyX7ces
11 hours ago
No special assessment for ASI member #creditunions in 2014. See #NewsNow http://t.co/NwL9eJwbiQ
11 hours ago