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Accounting Manual

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 PDF format.
 
 
 
 
​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