LONDON — The International Accounting Standards Board agreed yesterday to reconsider the application of its International Financial Reporting Standards to credit unions, based on a comment letter submitted earlier this year by World Council of Credit Unions.
WOCCU is concerned about certain provisions in the IASB-proposed accounting standards for small and medium-sized enterprises (SMEs); primary among them, the fact that credit unions aren't included on the SME list. The standards, as proposed, could be detrimental to credit unions, said Dave Grace, WOCCU's vice president of association services.
"Excluding credit unions from the scope of the SME standards and requiring adherence to the full International Financial Reporting Standards is both impractical and counter to the IASB's intention of making accounting requirements more accessible to smaller non-listed institutions," Grace said in his letter to IASB board member Thomas E. Jones.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
