CUNA Opposes New Set of GAAP Standards

WASHINGTON, D.C. - CUNA has sent a comment letter to the Financial Accounting Standards Board (FASB) and the American Institute of Certified Public Accountants (AICPA) on a proposal to implement changes to the financial and reporting standard-setting process. The changes would encourage greater input and transparency from private companies (which include not-for-profits such as credit unions). FASB’s position is the changes would assist it in determining whether standards for private company financial accounting and reporting within generally accepted accounting principles (GAAP) should differ from those of public companies. While CUNA sees the need for transparency, it does not support the creation of a new set of GAAP standards for private companies, the trade group wrote. FASB and the AICPA also proposed to co-sponsor and co-fund a new committee as an additional resource to ensure that the views of private company constituents are incorporated into the standard-setting process. CUNA also expressed concern for additional compliance requirements that could prove burdensome.