What’s New?

Call Report Changes for March 2021

The March 2021 Call Report provides accounts to properly report changes in fair value due to Accounting Standards Codification 321. ASC 321 went into effect for credit unions in January 2020. It requires credit unions to present equity securities at fair market value each reporting period. Credit unions should recognize changes in fair market value in net income.

Account IS0004 is being retired so that changes in fair market value do not affect net interest margin ratios.

Changes include:

  • Retired Account IS0004
  • Retired Account 659. This account previously included the Gain (Loss) associated with the Hedged Item (Non-Investment Assets) in a Non-Trading, Fair Value (FV) Derivatives Hedge. The gain (loss) will now be reported in Account IS0026. Replaced by Account IS0020.
  • Added Account IS0020. This account replaces Account 659 and will not include the Gain (Loss) associated with the Hedged Item (Non-Investment Assets) in a Non-Trading, FV Derivatives Hedge.
  • Retired Account IS0021. This account previously included only the gain (loss) on equity securities. Replaced by Account IS0046.
  • Added Account IS0046. This account replaces Account IS0021 and includes gain (loss) on trading debt securities in addition to the gain (loss) on equity securities.
  • Retired Accounts IS0022 and 420D. These accounts previously included the Gain (Loss) associated with the Hedged Item (Investments) in a Non-Trading, FV Derivatives Hedge. Replaced by Accounts IS0047 and IS0026.
  • Added Accounts IS0047 and IS0026. These accounts include the Gain (Loss) associated with the Hedged Item in a Non-Trading, FV Derivatives Hedge, both investments and non-investment assets.
  • Modified the Call Report Instructions for page 3, line 30 to clarify the reporting requirements for sweep accounts.
  • Modified the Call Report Instructions for page 5, line 3 to clarify this line excludes changes in fair value and realized gains/losses from equity and trading debt securities.
  • Removed the Call Report Instructions for page 5, line 4.
  • Modified the Call Report Instructions for page 5, line 5. Account IS0004 was retired and is no longer included in total interest income.
  • Modified the Call Report Instructions for page 5, line 13 to remove references to the Gain (Loss) associated with the Hedged Item (Non-Investment Assets) in a Non-Trading, FV Derivatives Hedge.
  • Modified the Call Report Instructions for page 5, line 14 to include the gain (loss) on trading debt securities.
  • Modified the Call Report Instructions for page 5, line 15 to include the gain (loss) on all hedged items and clarify this account excludes the gain (loss) on trading debt securities.
  • Modified the Call Report Instructions for page 5, line 15d to include the gain (loss) on all hedged items.
  • Modified the Call Report Instructions for page 5, line 19 to correct the caption.
  • Modified the Call Report Instructions for page 6, CARES Act of 2020 Loan Modifications. The Consolidated Appropriations Act, 2021, Title V, Subtitle C, Section 541 amended Section 4013 of the CARES Act by extending the eligible loan modification date to January 1, 2022.
  • Modified the Call Report Instructions for page 8, to replace content deleted previously by mistake.
  • Modified the Call Report Instructions for page 21, to clarify reporting for Accounts 1027, 1027C, and 1027Y.
Last modified on
03/01/21