World Council of Credit Unions announced today the International Accounting Standards Board is seeking comments from credit unions and other financial services providers on issues surrounding fair value measurements.
WOCCU is asking its member organizations to share examples of situations in which the requirement to use fair value accounting may be impractical for credit unions by Thurs., Jan. 28.
Last September, WOCCU submitted a comment letter to IASB strongly supporting the board's reassessment of fair value measurement in light of the ongoing global economic recession; in particular, the letter focused on unintended consequences the standards may have had on some financial cooperatives.
IASB last week contacted WOCCU and other organizations asking for input, specifically "examples and case studies of transactions or situations...that would make the fair value measurement guidance as proposed in the exposure draft impractical."
"We're pleased IASB is reconsidering its position and has come back to WOCCU requesting information to help them craft a better standard," said Dave Grace, WOCCU vice president of association services and author of September's letter. "I am asking our entire membership for examples in which fair value standards have proven impractical for credit unions."