Time is short for FASB amendment compliance

by James Lenz, CUES Skybox

Is your credit union prepared to respond to the Accounting Standards Update 2016-01, recently amended by the Financial Accounting Standards Board?

On Feb. 28, FASB issued six amendments to the 2016 guidance, which primarily impacted accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments.

For calendar year-end public business entities, ASU 2016-01 was effective as of Jan. 1, 2018. The new guidance must be adopted for fiscal years starting after Dec. 15, 2018 (an interim period). Early adoption of the new guidance is permitted.

I didn’t fully understand the scope of all of this until I sat down recently with two subject matter experts. In episode 53 of the CUES Podcast, my guests are John Pesh, director of executive benefits at CUESolutions provider CUNA Mutual Group, Madison, Wis., and Bryan Mogensen, principal for financial institutions at CliftonLarsonAllen, Phoenix.

 

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