The NCUA said today auditors Deloitte and Touche are still finalizing U.S. Central's 2008 year-end numbers, and the seized corporate will miss its June 19 release date.
U.S. Central's capital losses must be recorded on retail corporate balance sheets, which could trickle down to natural person credit unions. Most corporates have recognized the capital losses announced by the NCUA May 15, which included 100% loss on all paid-in-capital and a 23% depletion of membership capital shares. However, the NCUA had reported April 30 that 63% of MCS had been lost.
The AICPA has advised credit unions to use U.S. Central's year-end audited numbers to support and document their choice of accounting treatment.
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