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News Now

Washington
FASB accounting meeting to hear CUNA CU comment
WASHINGTON (10/17/11)--The concerns of credit unions and the Credit Union National Association (CUNA) will be represented at today’s Financial Accounting Standards Board’s (FASB) private-company accounting roundtable by Patelco CU Chief Financial Officer and CUNA Accounting Subcommittee Chairman Scott Waite. The meeting, which is scheduled for 9 a.m. (PT) in San Francisco, Calif., will allow representatives from private companies, CPAs, and users of private-company financial statements to engage FASB “in a constructive dialogue about private-company accounting and reporting issues” related to U.S. generally accepted accounting principles (GAAP), FASB said in a release. The FASB release said accounting and disclosure requirements relating to variable interest entities, interest-rate swaps, and Level 3 fair value measurements will be among the items covered during the meeting. Waite noted that public and private companies currently abide by the same accounting standards, and many have suggested that changes are needed. Although public companies produce their financial statements mainly to inform their investors, credit union financial statements are mainly produced to inform the National Credit Union Administration and other regulators of their financial status. “The needs of the different types of users are different and so perhaps the standards should be as well,” Waite added. Waite told News Now that his comments will center on the relevancy of these standards, the cost and benefit of the standards and related disclosure requirements, and the rapid change in standards in recent years. The Financial Accounting Foundation earlier this month proposed establishing a new Private Company Standards Improvement Council. FASB in an earlier release said this new group, if approved, would review U.S. GAAP and determine how those standards could be improved to better serve the needs of private companies. The group could then issue modifications, if needed. For more on FASB’s meeting and the potential standards improvement council, use the resource links.


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