Accounting Manual

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 at EIMAIL@ncua.gov.

The Accounting Manual for Federal Credit Unions is posted below in PDF format.

• Foreword (opens new window)
• TABLE OF CONTENTS (opens new window)
• Section 100 – INTRODUCTION (opens new window)
  • Accounting Manual for Federal Credit Unions (p1)
  • Credit Union Operations Governed By Laws, Bylaws and Regulations (p2)
  • Accounting Principles and Standards -- Purpose and Scope (p2)
• Section 200 – ACCOUNTING BASICS FOR RECORDING TRANSACTIONS (opens new window)
  • Accurate and Current Records Essential (p3)
  • Brief Outline of the Prescribed Accounting System (p4)
  • Basic Concepts and General Principles (p5)
  • Accounting Profession Pronouncements (p7)
  • General Ledger, Subsidiary Ledgers, and Account Reconciliations (p8)
  • Principles Affecting the Recording of Assets (p9)
  • Principles Affecting the Recording of Liabilities (p11)
  • Principles Affecting Equity (p13)
  • Principles Affecting the Recording of Income and Expenses (p15)
  • Financial Statements (p17)
  • Definitions of Terms (p20)
• Section 300 – ASSETS (opens new window)
  • Cash and Cash Equivalents (p3)
  • Investments (p30)
  • Loans Held For Sale (p60)
  • Loans Receivable (p60)
  • Accrued Interest Receivable (p99)
  • Other Real Estate Owned (p104)
  • Property and Equipment (p105)
  • NCUSIF Deposit (p117)
  • Other Assets (p118)
• Section 400 – LIABILITIES (opens new window)
  • Borrowed Funds (p5)
  • Accrued Interest Payable (p8)
  • Accrued Expenses and Other Liabilities (p40)
  • Commitments and Contingent Liabilities (p62)
• Section 500 – MEMBER'S SHARES AND EQUITY (opens new window)
  • Members' Shares (p2)
  • Members' Equity (p17)
• Section 600 – INCOME (opens new window)
  • Interest Income (p1)
  • Non-Interest Income (p7)
  • Other Non-operating Income (Expenses) (p11)
  • Extraordinary Gains and Losses (p11)
• Section 700 – EXPENSES (opens new window)
  • General Rules for Recording Expenses (p1)
  • Interest Expense (p5)
  • Provision for Loan Losses (p7)
  • Non-Interest Expense (p10)
• Section 800 – TOPICS OF SPECIAL ACCOUNTING INTEREST (opens new window) (Vacant for Now)
• Section 900 – SAMPLE CREDIT UNION FINANCIAL STATEMENTS (opens new window)
• ACCOUNTING BULLETINS AND MANUAL CHANGES (Filing)
• TOPICAL INDEX (opens new window)