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January 22, 2013

NAFCU backs FASB reporting exemption

NAFCU on Tuesday stated its support for a Financial Accounting Standards Board proposal to exempt credit unions and other nonpublic entities with assets of $100 million or more from a fair value disclosure requirement.

In a letter to the FASB, NAFCU General Counsel and Vice President of Regulatory Affairs Carrie Hunt welcomed the proposal, which would clarify the scope and applicability of the board's fair value reporting requirements. More specifically, the proposal would not require nonpublic entities, which include credit unions, to disclose "the level of the fair value hierarchy within which the fair value measurements are categorized in their entirety (Level 1, 2, or 3)" in cases where the items are not measured in financial position statements, but where fair value disclosure is required.

Hunt said NAFCU supports the exposure draft's proposal "because it makes clear that nonpublic entities that have total assets of $100 million or more, or that have one or more derivative instruments, are exempt from the disclosure requirement."

NAFCU is encouraging the FASB to "use the tools it has at its disposal to simplify and clarify disclosure requirements wherever possible," Hunt said.

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