The straight line

Category Archives: Credit Unions

CECL – It’s coming and how to prepare

In June of 2016 the Financial Accounting Standards Board (FASB) finally issued its pronouncement on the Current Expected Credit Loss (CECL). Although this pronouncement does not go into effect until the year 2021 this is not something you should put on the back burner. CECL is going to take time and planning in order to...

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Credit Union Update: Mergers

Accounting for mergers under the old accounting rules wasrelatively straightforward. To form the combined entity, the book values of the acquiring and acquired credit unions were added together. Beginning in January 2009, this “pooling of interests” accounting was replaced with the more complex “purchase accounting.” Under the purchase accounting rules, the acquired credit union and...

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Make Your Mission Statement More Than a Wall Ornament

Many companies spend a lot of time and money creating mission statements to highlight their products and services and align employees around a common vision. But the fact is that many mission statements fail, becoming nothing more than a wall ornament or a bunch of words tucked into a seldom-read company handbook. For the most part,...

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