12 Cfr 741.6

12 CFR Ch. VII (1–1–16 Edition)
§ 741.6 Financial and statistical and
other reports.
(b) Consistency with GAAP. The accounts of financial statements and reports required to be filed quarterly
under paragraph (a) of this section
must reflect GAAP if the credit union
has total assets of $10 million or greater, but may reflect regulatory accounting principles other than GAAP if the
credit union has total assets of less
than $10 million (except that a Federally-insured
State-chartered
credit
union may be required by its state
credit union supervisor to follow GAAP
regardless of asset size).

(a) Upon written notice from the
NCUA Board, Regional Director, Director of the Office of Examination and
Insurance, or Director of the Office of
National Examinations and Supervision, insured credit unions must file
financial and other reports in accordance with the instructions in the notice. Insured credit unions must use
NCUA’s information management system, or other electronic means specified by NCUA, to submit their data online.
(1) Credit Union Profile. Insured credit
unions must submit to NCUA a Credit
Union Profile, NCUA Form 4501 or its
equivalent, within 10 days after an
election or appointment of senior management or volunteer officials or within 30 days of any change of the information in the profile.

(c) GAAP sources. GAAP means generally accepted accounting principles,
as defined in § 715.2(e) of this chapter.
GAAP is distinct from GAAS, which
means generally accepted auditing
standards, as defined in § 715.2(f) of this
chapter. Authoritative sources of
GAAP include, but are not limited to,
pronouncements of the Financial Accounting Standards Board (FASB) and
its predecessor organizations, the Accounting Standards Executive Committee (AcSEC) of the American Institute of Certified Public Accountants
(AICPA), the FASB’s Emerging Issues
Task Force (EITF), and the applicable
AICPA Audit and Accounting Guide.

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(2) Financial and statistical report.
Natural person credit unions must file
a Call Report with NCUA quarterly in
accordance with the instructions in the
NCUA Form 5300. Corporate credit
unions must file a Corporate Credit
Union Call Report with NCUA monthly
in accordance with the instructions in
the NCUA Form 5310. Credit unions
must submit a corrected Call Report
upon notification or the discovery of a
need for correction.

[60 FR 58504, Nov. 28, 1995, as amended at 64
FR 41040, July 29, 1999; 67 FR 12464, Mar. 19,
2002; 71 FR 4034, Jan. 25, 2006; 74 FR 35769,

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