CUNA Offers Input To FASB

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Both CUNA and NAFCU have sent a letter to the Financial Accounting Standards Board (FASB) as it discusses a proposal to streamline operations.

The trade groups said credit unions are concerned that three recent proposals designed to improve the standard- setting process of FASB may actually hinder the process and cause problems.

CUNA said it supports a standards-setting process to provide consumers and investors with more information, but said it was unclear whether a reduction to five from seven board members would actually reduce the amount of time to propose and develop guidelines and standards.

CUNA said a proposal to reduce comment periods would be "extremely counterproductive and would likely result in less efficiency in the standards-setting process as accountants and affected entities would have less time to consider the impact of a proposal and provide comprehensive information to FASB."

-From CU Journal Staff Reports

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