ALEXANDRIA, Va. — NCUA issued a guidance letter to corporate credit unions recently providing new instructions on accounting for future-dated automated clearinghouse transactions.
Since 2000, corporate credit unions had been instructed to record these transactions as assets and liabilities on financial statements for regulatory and 5310 reporting purposes. At the time, NCUA permitted external and internal financial statements to continue to be prepared based on the institution's CPA's advice.
"After carefully reviewing this requirement, I have decided to change our position on this issue," NCUA Director of Corporate Credit Unions wrote in the new guidance letter (No. 2007-04).
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