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...
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...
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...
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...
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...
Frequently Asked Questions
Why should someone become a member of NSAC?
- NSAC is the only organization representing the needs of cooperative accounting, auditing, tax and finance professionals in the United States.
- NSAC is the very best place to network with other cooperative professionals who collectively have experienced every challenge you might possibly face and who can share their resolutions with you, and better cooperative CPEs cannot be earned anywhere in the United States.
- The value of NSAC’s quarterly technical journal “The Cooperative Accountant” is worth the annual cost of membership.
- NSAC offers CPEs at both national conferences as well as at regional chapter programs.
How can I identify someone who can answer my question?
Many times you can find an NSAC member who can help you by accessing NSAC website at www.nsacoop.org, click onto the Members Only section, login, access the NSAC Membership Directory and complete a search using the query application available. You can search by cooperative, occupation, state or if you know the person’s name you can search that as well. If you are specifically looking for an outside service provider or for a CFO, for example, members can call the national organization offices and ask for help.
My cooperative/organization is too small to justify having a member in NSAC.
We understand this situation. But you certainly want an accountant, attorney or tax person to be completely familiar with accounting principles for cooperatives and you want them to be equally familiar the IRS regulations that cooperatives must comply with. If your primary accounting person is a bookkeeper then you should be certain the service providers you use are NSAC members!
What are my opportunities for professional development?
Members are encouraged to write articles for The Cooperative Accountant and other association publications, make presentations on technical topics at educational meetings, and participate in national and chapter committees.
How do I find other members to help me?
There are many ways to network with other cooperative professionals and outside service suppliers. You can reference your Membership Directory search function located in the Members Only section of the Website. You can contact your chapter officers or call the National Office staff for support at (937) 222-6707 or email email@example.com
Are there local regional activities in which I can participate?
Yes, NSAC is divided into nine regional chapters. Most Chapters hold an annual meeting in late spring and several also conduct a fall technical meeting. Chapters publish newsletters and individually sponsor other programs in which you can participate.
If someone in my organization belongs to NSAC, why should I join?
NSAC only recognizes individual memberships. You need a membership in your name to access the many resources of NSAC, including reduced fees for publications, programs, and registrations for meetings. It is also the way you get your personal copy of The Cooperative Accountant. Most importantly, you will want a membership in your name to experience the real benefits of being able to associate and network with individuals who work for cooperatives as you do, and who share your goals, need and concerns. You will form friendships and alliances that will be assets to you throughout your career.
Does NSAC offer CPE credits?
NSAC is a registered sponsor of CPE credits through NASBA. Approximately 20 hours are offered during the annual conference each August. Chapter meetings, our CLN webinars, and Cooperative Accounting & Auditing seminars provide additional CPE credit opportunities. (A one-hour CLN webinar of choice is provided yearly to new and renewing members of NSAC.)
How should I help with membership recruitment?
Always consider the idea that there are other people at your organization in tax, accounting or finance dealing with cooperative issues that would benefit from membership in NSAC. Then, talk with any outside service providers you use (attorney, accountant, tax person, banker, etc.) about membership. If you are moving up in your organization, remind your replacement you are a member of NSAC and, in each of these cases, explain to the individuals how you benefited from your affiliation with NSAC. Or if you prefer simply send the name and contact information to the National Office and we can contact them as well.