The guidelines state that proper accounting treatments are open to interpretation. For example, according to a CUNA document sent to its members summarizing the report, the AICPA stated that expenses could be reported in 2009 instead of 2008, because the actual impairment and corresponding NCUA action occurred in January. However, it also provides documentation that says it could be reported in 2008, and said it has no preference for either.
The AICPA also addressed whether corporates have to write off paid-in capital and member capital shares invested in U.S. Central. The AICPA said the NCUSIF's Jan. 28 $1 billion capital infusion should be considered when assessing the impairment question.
Additionally, corporates should review U.S. Central's audited year-end financial statements when evaluating PIC and MCS, and consider U.S. Central's ability to redeem the investments within the anticipated time frames.
AICPA also said natural person credit unions need to evaluate their own PIC and MCS invested in corporates to determine whether they need to make the appropriate balance sheet adjustments, based on their corporate's own accounting treatment of the Corporate Stabilization Plan.