Topic: Accounting
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InfoSight 360 hosting Fraud Symposium
NEWS: InfoSight360, in collaboration with its League and Association partners, is hosting a free Fraud Symposium Dec. 2. Ken Otsuka from TruStage will talk about recent fraud trends, including account takeovers, […]
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NCUA releases updated FAQs on CECL
NEWS: Credit unions with assets of $10 million or more must implement the current expected credit losses (CECL) accounting standard in 2023. For most credit unions, the implementation date was January […]
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OCU letter revisits accounting treatment for repossessed assets
NEWS: You may recall a Compliance Courier that The League sent out in July 2021, titled “Examiners focus on accounting treatment for repossessed assets.” In that Courier, we looked at the accounting treatment […]
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NCUA releases new “Simplified CECL Tool”
NEWS: The National Credit Union Administration (NCUA) today released a new tool to help small credit unions comply with the Financial Accounting Standards Board’s (FASB’s) accounting standard on current expected credit […]
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NCUA: 12 CFR 741.6
Financial and statistical and other reports. (a) Upon written notice from the NCUA Board, Regional Director, Director of the Office of Examination and Insurance, or Director of the Office of […]
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NCUA: Accounting Bulletins
NCUA’s Accounting Bulletins provide guidance and instructions on how changes in generally accepted accounting principles and other regulatory initiatives affect how credit unions report these items in their financial statements.
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FASB: Update No. 2011-02—Receivables (Topic 310): A Creditor’s Determination of Whether a Restructuring Is a Troubled Debt Restructuring. (April 2011)
“Troubled Debt Restructuring,” as defined in GAAP, means a restructuring in which a CU, for economic or legal reasons related to a member borrower’s financial difficulties, grants a concession to […]
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FASB: Statements
The FASB establishes the standards of financial accounting and reporting. The Financial Accounting Standards Board is one of the authoritative sources of Generally Accepted Accounting Principles (GAAP) recognized by the […]
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NCUA: Letter to Credit Unions No. 03-CU-01 – Loan Charge-off Guidance (January 2003)
This letter is intended to provide guidance on the systematic charge off of uncollectible loans. NCUA recommends the board ratify all delegated charge offs. The manager should refer loans not […]