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CUs Have More Time On Tax Accounting Disclosure

The Financial Accounting Standards Board has given state chartered CUs more time to evaluate, estimate, and disclose their potential tax liabilities for unrelated business activities on their balance sheets.

By David Morrison | Updated on February 05, 2008

NORWALK, Conn. — The Financial Accounting Standards Board has given state chartered CUs more time to evaluate, estimate, and disclose their potential tax liabilities for unrelated business activities on their balance sheets.

Credit unions had previously been expected to account for unrelated business income tax on business conducted in 2007, according to an earlier FASB ruling, but now will only have to do so for business conducted this year. Credit unions had pointed out that the IRS had not finalized its understanding on tax liabilities for state chartered credit unions and that CUs had not had enough time to include the information on their financial statements for 2007.

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