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
African financial inclusion possible with mobile money: @IMFNews study http://t.co/0V5DTQToxY
23 minutes ago
Louise Herring's birthday is Saturday. 105 years later, her legacy lives on through her kids http://t.co/oMqGADmo0d http://t.co/T3NmS9NqEY
1 hours ago
#Creditunions in PA and NJ hosted retirement fairs this week @PCUA and @NJCUL report.
1 hours ago
.@TheCCUL's Radebaugh suggests 2nd #RBC comment period in letter to @TheNCUA #NewsNow http://t.co/RylFuynT6g
2 hours ago
#NewsNow today Herring legacy carried forward with merger http://t.co/oMqGADmo0d
4 hours ago