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MCUA Comments on Two FASB Proposals

Aug
27
MCUA Comments on Two FASB Proposals

On Friday, Aug. 23, 2013, the Missouri Credit Union Association (MCUA) filed comment letters on two separate Financial Accounting Standards Board (FASB) proposals, both of which were developed through FASB’s Private Company Council (PCC). MCUA generally supports both proposals as issued for comments. The proposals would allow private reporting entities—including credit unions—to elect alternative standards within U.S.

Posted By Sharon Bahr read more

MCUA Files Letter with the FASB—Credit Loss Proposal Will Hurt Credit Unions

Jun
03
MCUA Files Letter with the FASB—Credit Loss Proposal Will Hurt Credit Unions

The Missouri Credit Union Association (MCUA) strongly opposes a proposal to change the methodology for recognizing and reporting credit impairment.  In a comment letter filed last week, MCUA urged the Financial Accounting Standards Board (FASB) not to proceed with its proposed accounting standards update.

Posted By Nora Holloway read more

Opportunity to Voice Concerns to FASB in Effort to Improve Proposal on Credit Losses

Mar
18
Opportunity to Voice Concerns to FASB in Effort to Improve Proposal on Credit Losses

Credit unions in Missouri are urged to share their input with the Credit Union National Association (CUNA) as it develops a comment letter to the Financial Accounting Standards Board (FASB) about its proposal regarding financial reporting of expected credit losses on loans and other financial assets.

The proposed model would utilize a single “expected loss” measurement for the recognition of credit losses. This would replace the multiple existing impairment models in U.S. generally accepted accounting principles (GAAP) that primarily use an “incurred loss” approach.

Posted By Sharon Bahr read more

FASB's Credit Losses Proposal Causes Concern

Mar
11
FASB's Credit Losses Proposal Causes Concern

There is growing anxiety about the Financial Accounting Standards Board’s (FASB) proposal regarding financial reporting of expected credit losses on loans and other financial assets. The proposed model would utilize a single “expected loss” measurement for the recognition of credit losses; this would replace the multiple existing impairment models in U.S. generally accepted accounting principles (GAAP) that primarily use an “incurred loss” approach.

Posted By Sharon Bahr read more

MCUA Files Comment Letters

Nov
05
MCUA Files Comment Letters

The Missouri Credit Union Association (MCUA) recently filed two comment letters with FASB and the CFPB. See below for details. 

Posted By Sharon Bahr read more

FASB Proposal on Interest Rate Risk & Liquidity Risk Disclosures

Oct
02
FASB Proposal on Interest Rate Risk & Liquidity Risk Disclosures

A comment letter was filed by the Missouri Credit Union Association (MCUA) and the Credit Union National Association (CUNA) with the Financial Accounting Standards Board (FASB) opposing its proposal that would require reporting entities, including credit unions and other financial institutions, to disclose information regarding their exposure to liquidity risk and interest rate risk.  In ligh

Posted By Sharon Bahr read more

FASB Issues Proposed Standard on Disclosures

Aug
27
FASB Issues Proposed Standard on Disclosures

The Financial Accounting Standards Board (FASB) has issued a proposed standard that is intended to help financial statement users better understand organizations’ exposure to liquidity risk and interest rate risk.

Posted By Sharon Bahr read more
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