(Solution Download) If you have a savings account it is an asset


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 while 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 in your own words.

 







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