The NCUA plans to announce that it won't "take exception" if a credit unions gets a written opinion from its accountant allowing it to delay the recording of expenses for additional premiums.

In an Accounting Bulletin the agency plans to release later this week, it advises credit unions to expense premiums when they are assessed but gives them additional leeway if their accountant provides advice that complies with generally accepted accounting procedures.

The NCUA is levying a premium to pay for the costs to the NCUSIF resulting from the agency's efforts to stabilize corporate credit unions, these included placing U.S. Central Corporate Credit Union and Western Corporate Credit Union into conservatorship, injecting $1 billion of capital into U.S. Central and guaranteeing the deposits of all natural person credit unions in corporate credit unions. The agency is recommending that the premiums be reflected in the 5300 Call Report that covers the period ending March 31, 2009.