Latest News

Revenue Recognition Disclosure Requirements: A Challenge That Can't Wait
FASB's revenue recognition standard includes complex disclosure requirements that will take effect sooner than companies think. As companies scramble to implement the FASB's revenue recognition...
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IRS Enforcement Activities Dropped in 2016
The IRS reported several large drops in its enforcement activities in fiscal year 2016, including a 16% drop in audits, a 40% drop in levies, and a 9% drop in liens compared to the prior year. These...
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Rules Proposed for Accounting Method Changes to Reflect FASB Revenue Recognition Standards
The IRS is asking for comments on proposed procedures for requesting consent to make accounting method changes to reflect FASB's new revenue recognition standards (Notice 2017-17). The proposed...
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Proposal on Inventory Disclosures
The FASB proposed requiring all entities to make additional disclosures regarding changes in inventory that are outside the normal purchase, manufacture or sale of inventory and the composition of...
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Reminder About Setting Effective Tax Rates
With companies once again setting their annual effective tax rates, we'd like to remind you of some basic principles. The tax provision for the year is the same whether a company prepares only annual...
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About NSAC

The National Society of Accountants for Cooperatives (NSAC) is a professional society, formed in 1936, comprised of approximately 2,000 individual members actively involved with the financial management and planning of cooperative business. NSAC members are either employed by a cooperative or provide professional services for cooperatives.

Serving Individual members and their respective organizations

  • Employees of cooperatives who are accountants, bookkeepers and office managers; controllers and tax directors; internal auditors and in-house legal staff, as well as CFOs and other finance professionals
  • Professionals advising and providing services to cooperatives such as independent auditors and CPAs, tax advisors and preparers, cooperative bank professionals, professionals working for law firms, government employees advising cooperatives and cooperative association employees

Providing

  • Continuing Educational Programming
  • Continuing Professional Education (CPE) credits Resources on Financial Reporting Programs for both Small and Large Cooperatives
  • A Directory of Other Cooperative Professionals
  • Networking Opportunities
  • A Quarterly Technical Journal

History
In 1935, auditors for the Northern States Cooperative League began holding meetings. Due to the success of these gatherings, they decided to form a national organization. NSAC Milestones:

1943 – Formally structures as an independent, nonprofit corporation
1948 – Begins publishing The Cooperative Accountant
1952 – Publishes first cooperative accounting report
1980 – Hires first professional manager1998 – Organizes nationwide Electric Cooperative Chapter
2001 – Begins actively participating in FASB projects that impact co-ops
2008 – Becomes industry leader in international accounting standards development
2011 – Celebrates 75th Anniversary at Annual Meeting in Orlando, FL