Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Upcoming FAF meeting to feature CUNA comment
WASHINGTON (2/6/12)--The credit union perspective on the Financial Accounting Foundation's (FAF) planned Private Company Standards Improvement Council (PCSIC) will be presented this week by Credit Union National Association (CUNA) Accounting Subcommittee Chairman, and Patelco CU Chief Financial Officer, Scott Waite.

Waite is one of 13 individuals selected to take part in the meeting, which will take place on the Stanford University campus in Palo Alto, Calif. on Tuesday. Waite, who is a long-time advisory member of the Financial Accounting Standards Board (FASB), recently represented credit unions and CUNA at a FASB private-company accounting roundtable held last October.

The FAF has proposed the creation of a new Private Company Standards Improvement Council that would review U.S. generally accepted accounting principles (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. The council would be comprised of a single chairperson and between 11 and 15 other members, according to the FAF.

CUNA is concerned that the proposed council "would simply make recommendations" to FASB and "be unable to actually set standards."

CUNA has repeatedly emphasized that financial accounting standards for credit unions and other private companies need to be improved, and challenges that many credit unions and others face due to the complexity of existing accounting standards should be addressed. The most pressing accounting standard issues facing credit unions are the complexity of current standards and the lack of cost-benefit analyses in the standard-setting process, CUNA has said.

CUNA has also called on FASB to "take the steps necessary to mitigate the burden on smaller entities, particularly when there is no or only minimal resulting benefit."


RSS print
News Now LiveWire
#FreeGasFriday courtesy of @tvfcu, TN #creditunions http://t.co/wDRFYJVlpz
10 hours ago
If you were unable to watch or attend @cuna 's @thehill Hill forum on Wed., you can now watch the archived version: http://t.co/FhUnp7HbU8
11 hours ago
Time is running out. If you haven't taken the #NewsNow readership survey, please click here now: http://t.co/4Gp6C2Wa4o
11 hours ago
African financial inclusion possible with mobile money: @IMFNews study http://t.co/0V5DTQToxY
12 hours 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
13 hours ago