Accounting Manual for Federal Credit Unions is listed below.

Credit unions with under $10 million in assets are provided this Accounting Manual for Federal Credit Unions as a guide in accounting for financial transactions and reporting. In accordance with the Credit Union Membership Access Act (CUMAA), credit unions with $10 million or more in assets must follow generally accepted accounting principles (GAAP) in the call reports they file with NCUA. These credit unions should not look to this Manual, but should seek the advice of an independent accountant to gain a full understanding of GAAP and its implementation.

The manual may be adopted by federally insured, state-chartered credit unions (FISCUs) under $10 million in assets at the option of the credit unions and their state supervisor.

Address any questions or comments to the Office of Examination and Insurance (EIMAIL@ncua.gov).

The Accounting Manual is being posted in Microsoft Word.

Foreword

TABLE OF CONTENTS

Section
		Page (Within Section)
100	INTRODUCTION
	Accounting Manual For Federal Credit Unions	1
	Credit Union Operations Governed By Laws, Bylaws And Regulations	2
	Accounting Principles And Standards -- Purpose And Scope	2

*200*	*ACCOUNTING BASICS FOR RECORDING TRANSACTIONS*
	Accurate And Current Records Essential	3
	Brief Outline Of The Prescribed Accounting System	4
	Basic Concepts And General Principles	5
	Accounting Profession Pronouncements	7
	General Ledger, Subsidiary Ledgers, And Account Reconciliations	8
	Principles Affecting The Recording Of Assets	9
	Principles Affecting The Recording Of Liabilities	11
	Principles Affecting Equity	13
	Principles Affecting The Recording Of Income And Expenses	15
	Financial Statements	17
	Definitions Of Terms	20

*300*	*ASSETS*
	Cash And Cash Equivalents	3
	Investments	30
	Loans Held For Sale	60
	Loans Receivable	60
	Accrued Interest Receivable	99
	Other Real Estate Owned	104
	Property And Equipment	105
	NCUSIF Deposit	117
	Other Assets	118

*Section*
		Page (Within Section)
400	*LIABILITIES*
	Borrowed Funds	5
	Accrued Interest Payable	8
	Accrued Expenses And Other Liabilities	40
	Commitments And Contingent Liabilities	62

*500*	*MEMBER'S SHARES AND EQUITY*
	Members' Shares	2
	Members' Equity	17

*600*	INCOME
	Interest Income	1
	Non-Interest Income	7
	Other Nonoperating Income (Expenses)	11
	Extraordinary Gains And Losses	11

*700*	*EXPENSES*
	General Rules For Recording Expenses	1
	Interest Expense	5
	Provision for Loan Losses	7
	Non-Interest Expense	10

*800*	TOPICS OF SPECIAL ACCOUNTING INTEREST (Vacant for Now)

*900*	*SAMPLE CREDIT UNION FINANCIAL STATEMENTS*

	*ACCOUNTING BULLETINS AND MANUAL CHANGES (Filing)*

	*TOPICAL INDEX*