| Future of Credit Union Accounting
The Accounting Standards Board (ASB) has issued a consultation on the future of UK GAAP. This could have a major impact on Credit Union accounting. The current proposals would mean that Credit Unions are forced to adopt full International Financial Reporting Standards (IFRS). This could lead to greater time and cost for the preparation of Credit Union accounts. We would recommend that Credit Unions read the consultation and make a response to ensure that their views are represented. The paper can be accessed by clicking here.
Business Plans
Issue 9 of the FSA Credit Union Newsletter focuses on Business Plans and can be accessed by clicking here. They have also issued a Business Planning Information Note. The Note covers the Business Planning process and what the Business Plan should include. The Business Planning Note can be accessed by clicking here. If you require further assistance regarding your business plans then please contact us at creditunion@alexandersloan.co.uk and we will be pleased to help.
CRED Changes
The FSA have published their consultation paper on proposed changes to the Credit Union Sourcebook. The proposals are designed to update CRED for the new proposed legislation as well as increasing the prudential standards. These changes will effect your Credit Union and it is therefore important that you review the consultation paper. The paper can be obtained from the FSA’s Credit Union webpages, click here to access. The consultation closes on the 10 February 2010
Draft LRO- July 2009
The Treasury has published “The Legislative Reform (Industrial and Provident Societies and Credit Unions) Order 2010. The draft order is expected to go before parliament in October this year. If approved the provisions within the LRO will come into force in early 2010. The LRO would change existing Credit Union legislation on a number of areas including common bonds, corporate members and interest bearing shares. A copy of the draft order can be obtained by clicking here.
Legislation Update 14 April 2009
The Treasury have issued the Government’s response to the consultation on the new Credit Union Legislative Reform Order (LRO). To see the response paper please click here. A summary of the main points from their response is contained within our Credit Union Newsflash for April which can be obtained by clicking here. The next stage in the process will be the issue of the draft Legislative Reform Order which should be issued shortly.
In addition the Co-operative and Community Benefit Societies and Credit Unions Bill 2008-09 will have its second reading in the House of Commons on the 24 April 2009. The bill can be accessed by clicking here. The bill if passed will allow Credit Union legislation to be updated more easily and brought into line with the legislation applying to Building Societies.
FSCS Levy:
The Financial Services Compensation Scheme have announced increases to their levies which will effect Credit Unions. Please use the link to see further details of the letter issued by the FSA explaining this issue.
New Credit Union Fund
The Scottish Government have announced a new fund to help Credit Unions grow and weather the global downturn. They are expecting to make approximately 20 grants from a fund of £250,000 over the period 2008-2011 with grants of between £2,500 and £25,000 being issued to Credit Unions who’s applications are successful. For further information regarding the fund click here.
Credit Union Code of Governance
ABCULs’ Code of Governance has been issued. The final version of the Code has a number of small changes to the earlier draft. There are 45 elements of the Code of which 30 are required standards that the Credit Union must meet to achieve the first steps in complying with the code. A further 15 standards must be reached in addition to the 30 required standards in order to meet the Gold standard (full compliance). ABCUL have also launched a dedicated website on the Code of Governance (www.credituniongovernance.
coop). From this website you can download the code, access further resources and see who has signed up to the Code. For further assistance on the code or assistance in meeting/reviewing your compliance with the requirements please contact our Credit Union Internal Audit Team (creditunion@alexandersloan.
co.uk)
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