Accounting Developments
Credit Union Advisor, 2007 Fall

As year end approaches, many of you will begin developing “to do” lists to identify accounting items that need attention. Here are a few that may require your consideration relative to the 2007 year-end audit season. To help with your list, here are several hot topics that might be applicable to your credit unions.

Split-Dollar Benefit Arrangements

Pronouncements in late 2006 and 2007 changed the accounting for certain split-dollar arrangements. If you have any employment benefits that extend beyond retirement, an accounting adjustment may be required on January 1, 2008.

SFAS 158

This pronouncement, affecting post-retirement benefit plans, is applicable as of December 31, 2007 for credit unions. Credit unions with a defined benefit pension or other post-retirement plan should coordinate efforts with their actuaries or consultants to verify that the proper accounting adjustments are made as of December 31, 2007, and disclosure information is obtained in time for the audit.