490.382 Fiscal year; accounting principles.
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/mi/chapter-490/490-382A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
490.382 Fiscal year; accounting principles.
Sec. 382.
(1)A domestic credit union shall use the calendar year as its fiscal year.
(2)A domestic credit union shall follow generally accepted accounting principles in its accounting, unless a different accounting standard is required by state or federal statute, rule, or regulation.
History: 2003, Act 215 , Eff. June 1, 2004 ;-- Am. 2004, Act 471 , Imd. Eff. Dec. 28, 2004