Last night, CUNA distributed a summary of accounting guidelines to members to assist with the question of whether or not to record U.S. Central's Dec. 31 losses on their books.
The guidelines, written by the American Institute of Certified Public Accountants, addressed credit union accounting for the costs associated with the NCUA's Corporate Stabilization Plan, which includes considerations for both natural person credit unions and corporates.
The guidelines come to the general conclusion that credit unions have flexibility when it comes to reporting the NCUSIF insurance premium and U.S. Central-related losses.
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