SFAS 141 was revised in 2008 (SFAS 141-R).  The acquisition method will be required for all credit union business combinations for fiscal years (acquirer) beginning after December 15, 2008.

The fair value accounting involves determining the fair values of the:

• Equity acquired;

• Assets acquired, including intangible assets; and

• Liabilities assumed.


a)    Your examiner may require a high-level of FV (and the resulting accounting impact) prior to approving a merger.

b)   Get our CPA firm involved at the onset.

This blog entry you have just read was written by Edward B. Lis, SVP CFO & Compliance. If you enjoyed this article I encourage you to learn more about Edward by visiting www.edwardlis.com.

Edward B. Lis is a well respected  credit union executive  known by his peers as being decisive; a visionary; communicative; and energetic.  He has led during difficult economic times driving change, achieving objectives, and effectively managing projects moving from a vision and strategy phase to implementation and final execution.

 Additional Resources

FDIC Accounting for Business Combinations