Auditors Ask for More Time With U.S. Central Numbers
The NCUA said today auditors Deloitte and Touche are still finalizing U.S. Central's 2008 year-end numbers, and the seized corporate will miss its June 19 release date.
U.S. Central's capital losses must be recorded on retail corporate balance sheets, which could trickle down to natural person credit unions. Most corporates have recognized the capital losses announced by the NCUA May 15, which included 100% loss on all paid-in-capital and a 23% depletion of membership capital shares. However, the NCUA had reported April 30 that 63% of MCS had been lost.
The AICPA has advised credit unions to use U.S. Central's year-end audited numbers to support and document their choice of accounting treatment.
"[U.S. Central] staff continues to work with the auditors to provide necessary information in order for Deloitte and Touche to complete the audit," said NCUA Director of Public and Congressional Affairs John McKechnie. "As conservator, NCUA deems this a priority and accordingly has asked Deloitte and Touche to finalize its work as soon as possible."
Members United Corporate Federal Credit Union posted on its Web site (www.membersunited.org) last Friday that U.S. Central's new target release date is July 10.