Annual Returns: Common Mistakes – Balance Sheet
The balance sheet contains all of the assets and liabilities of the credit union. This section provides the regulator details...
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Credit unions are required to complete a financial return to the Prudential Regulation Authority (PRA) each year within 6 months of their financial year end. For most credit unions this means a deadline of the end of March to submit their returns. Currently, credit unions use the BEEDS (Bank of England Electronic Data Submission) system to submit their returns.
Credit unions should have multiple users on this system and should submit the return themselves (as opposed to their auditor). More information about BEEDs can be found on the regulatory reporting section on the Bank of England website.
Guidance on how to complete the return is both provided within the return itself (i.e. comments next to the relevant cells), the in the notes on completing the quarterly and annual returns, and the credit union reporting clarifications provided by the PRA. However, mistakes are still made and the most common are covered below.
If you have any questions or if there is anything that could be added to these guides please contact members@abcul.org
Wednesday 10 January 2024
Common mistakes on Annual Returns
Investments The investments section of the return was introduced in 2016 and provides the Prudential Regulation Authority (PRA) a breakdown...
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