WASHINGTON – At a recent meeting, the Financial Accounting Standards Board said it would not make any final changes on merger accounting for mutual entities effective until 2008.

Patelco Credit Union Chief Financial Officer Scott Waite, who serves on FASB’s Small Business Advisory Committee, said the standards setting organization has determined to maintain the release of the final standard on time in the second quarter of 2007, but the Jan. 1, 2007 effective date has been pushed back to 2008, “which is welcome news for some.” Previously, the standard would have been retroactive to the effective date and required some to go back and recalculate things. However, the change does leave some credit unions up in the air that are currently looking at mergers.

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