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FASB ASC 7-1 Classification of Savings Accounts by Credit Unions If you have a savings...

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Accounting

FASB ASC 7-1 Classification of Savings Accounts by Credit Unions

If you have a savings account, it is an asset. In the past, some credit unions reported savings accounts (often called member share accounts) as equity and others reported them as liabilities. Search the FASB ASC database to see whether the Emerging Issues Task Force (EITF) has responded to this issue, and if so, what their conclusion is. Cut and paste what you find, and write a summary of what it means.

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