any smart GAAP people on here?

[schirallicpa]

Once you have that CPA after your name, you are supposed to know everything.  But I need help on this one. 

A credit union, which has never sold it's holdings before, holds CDs as a "held-to-maturity" portfolio.  However, they sold some last year and now NCUA wants to reclassify those particular CDs as "available-for-sale" portfolio.  But this would result in changing reporting from cost basis to FMV basis which would ultimately change net worth.  

The credit union now requires a CPA opinion on classification in regard to this transaction. And I believe I will agree with NCUA.

I will be googling away next week and checking my old GAAP guides.  But wondered if anyone here knew or had experience with this.

[jklcpa]

Do you have any PPC guides? If you have the one entitled "Preparing Financial Statements," it covers the various categories and handling of debt securities including its opinion on classifications and handling of sales in the "held to maturity" category.

[Medlin Software, Dennis]

"Once you have that CPA after your name, you are supposed to know everything." WAY too much expectation. If you know how to get the current answer and have sense enough to see if it makes sense, you have earned your letters.

I ponder taking the only somewhat recognized payroll pro cert, but I have seen the sample questions, and while a good gatekeeping tool for those who want such a thing, it does not mean - to me - a holder can handle a payroll on their own. I actually signed up this year, but because I am my own employer, I have to do something (step/steps unknown at present) so I can say I have the experience needed (I am effectively challenging, I want to do it with no actual study). But their process somehow failed to send me the requirements to certify myself, and even a direct email did not get it going, so I am not liking their process (which devalues it in my mind). I am considered an "expert" in their online group board, I guess whoever monitors that has determined I give reasonable help/suggestions...

Back to the OP, I would assume to start the NCUA knows their stuff, and they have dealt with this before and have many other members already doing what they suggest/require. If it is possible to see public books of another member (maybe your own CU if you are a member of a CU) that may help with real world view. The NCUA is a likely powerful governing body, so taking them on likely will be expensive, if not detrimental, to the CU.