Iowa Code r. 189-18.3 - Generally accepted accounting principles
(1) Credit unions with assets of $10 million
or greater must prepare financial statements in accordance with generally
accepted accounting principles (GAAP). Credit unions with assets of less than
$10 million may prepare financial statements in accordance with authorized
intentional regulatory accounting principles (RAP). All credit union financial
statements shall provide for the complete and accurate disclosure of all
assets, liabilities, and equity, including any valuation allowance accounts as
may be necessary to correctly present the financial position; and all income
and expenses necessary to correctly present the results of operations for the
period concerned.
(2) The financial
statement shall be prepared and made available within 15 days after the end of
each month and shall show the condition of the credit union as of the close of
business on the last business day of the month.
(3) Complete and accurate disclosure shall be
required of a credit union so as to provide for a level of disclosure to any
person or entity in order to clearly and objectively inform them of the
financial condition and the results of operations of the credit
union.
Notes
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