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
Large CU stress testing on the agenda for the April @theNCUA open meeting http://t.co/2TUcnmCmPi
1 Day ago
#FinancialLiteracyMonth Test your college financial aid knowledge @nasfaa http://t.co/xgrDmHaw8W
1 Day ago
Join @theNCUA #NCUAchat with @KenWortheyJr on April 23 from 11am to 12pm EST http://t.co/TnNmfFh4Nl #FinancialLiteracyMonth
1 Day ago
Maine's patent troll bill has become law. Read more in Monday in @NewsNowLiveWire
1 Day ago
Wash. DFI discusses serving legal marijuana businesses with @NWCUA http://t.co/3kw79HJUYF
1 Day ago