스페인과 미국의 신협 회계규제 및 자본규제:조합원출자금을 중심으로

This paper explored the accounting and capital regulations of credit unions in Spain and the US. Spain’s three credit cooperative groups should prepare their consolidated financial statements according to EU-IFRS, and individual credit cooperatives should follow accounting standards issued by the Bank of Spain, which are not so different from EU-IFRS. Spain revised the credit cooperative law to make credit cooperatives’ member shares eligible for equity under EU-IFRS and thus count as common equity Tier 1 capital in the regulatory prudential capital ratio. Meanwhile, credit unions in the US do not prepare consolidated financial statements because of restrictions on investment in subsidiaries. The NCUA determines the accounting standards that credit unions must follow; corporate and large-scale natural person credit unions must adhere to US GAAP made by the FASB, while small-scale natural person credit unions must follow NCUA- issued accounting rules. In any case, member shares are not reported as equity on financial statements or considered equity in the regulatory capital ratio. As prudential regulations tightened after financial or fiscal crises, accounting for member shares became similar regardless of the introduction of IFRS or Basel standards.