Effective January 1, 2009 mergers of credit unions will be accounted under the “Acquisition Method” of accounting. Each merger will require an acquirer to be identified. Further, the acquirer is required to recognize the assets acquired and the liabilities assumed to be measured at their fair values as of the date the acquirer achieves control.

All companies should include strategic technology plans as part of their overall business plans. This helps balance the need for new technology now and in the future.

Our firm’s position has not changed in the last year. We are still encouraging our clients to make the appropriate tax filings (990-T) to comply with Internal Revenue Code Sections 511-513.

Here are ten excellent tools and practices for improving your audit committee performance, and to help take it to the next level.

The Codification reorganizes the 1000’s of U.S. generally accepted accounting principles (GAAP) pronouncements into 90 accounting topics, and displays them all using a consistent structure. Pronouncements from multiple standard setters and related literature are covered. It is intended to reflect GAAP for non-governmental entities.

Based on questions that we have received lately, it appears that leasing is a favorable way of acquiring assets for some of our clients. The decision to lease is based on specifics such as: better financial terms, necessity, the lack of available financing, or just the desire to keep assets off the balance sheet. In any case, whether the lease is treated as an operating lease, the decision should be dependent upon the terms of each individual lease agreement.