MADISON, Wis. (7/8/10)--The Credit Union National Association (CUNA) will host a live audio conference July 28 from 2 p.m. to 3 p.m. CT about the Financial Accounting Standards Board’s (FASB) proposed exposure draft. The proposed requirements would cause most credit unions to incur significant costs in order to comply with the new rules, which would change how financial institutions--including credit unions--account for the financial instruments they hold, said CUNA. The effective date of the proposed changes described in the exposure draft is likely a few years away, but “if your credit union waits until the final rule is adopted it will be much too late to express any concerns to the accounting standard-setter and you will have no other option but to find a way to comply with the new requirements,” CUNA said. During the audio conference, credit unions will:
* Gain a thorough background of information on what exactly the exposure draft would require; * Discuss the impact the proposed changes will have on credit unions; * Learn what credit unions can do to weigh in on and ultimately prepare for the proposed changes; and * Review a proposed timeline of important events.
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