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AICPA National Conference on Credit Unions 2013


Credit Union Mergers and Acquisitions and Subsequent Accounting


Oct 21, 2013 8:30am ‐ Oct 21, 2013 11:15am

Description

ASC 805 Business Combinations, provides for significant challenges as to how credit unions account for mergers. The application of purchase acquisition is a significant change from the pooling method used by credit unions in the past and provides unique challenges, since no consideration is being exchanged other than member interests. The session will provide a detailed walkthrough of how to apply the standard, including:
- Setting the enterprise value of the target credit union
- Applying ASC 820 Fair Value as it relates to business combinations
- Review of intangible assets arising from business combinations
- Provide sample pro forma financial statements including PCA Net Worth Calculation Schedule
- Evaluating the loan portfolio:
- Best practices for quantifying true loss severity for non-performing loans and estimating the probability of default for all loans
- Retail vs. commercial loans different approaches for different loans
- Arriving at an accurate credit mark on the loan portfolio
- Evaluating goodwill impairment under ASC 350, including a discussion of the Qualitative Assessment Method

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