Central Bank doubts on standards for credit unions

The Central Bank has raised questions over the impact of proposed new accounting standards on credit unions, saying that the ‘significant’ cost would not lead to any benefits for members.

20th February, 2010

The Central Bank has raised questions over the impact of proposed new accounting standards on credit unions, saying that the ‘significant’ cost would not lead to any benefits for members.

In a letter to the Accounting Standards Body (ASB), which is planning to expand the use of International Financial Reporting Standards (IFRS), the Central Bank and Financial Services Authority of Ireland asked if the extra requirements would ‘improve financial reporting for credit unions’....

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