Companies not ready to automate fixed assets accounting
Relatively few companies are using dedicated fixed assets accounting software, according to a new survey, and are instead relying on homegrown spreadsheets and databases. The survey, by Bloomberg...
Proposal Would Simplify How Entities Determine the Balance Sheet Classification of Debt
The FASB proposed replacing today’s rules-based guidance for determining whether to classify debt as current or noncurrent on the balance sheet with a principles-based approach. Debt would be...
FASB Clarifies Business Definition
The Financial Accounting Standards Board has released guidance aimed at clarifying the official definition of a “business” for purposes of the accounting rules. The new accounting...
FASB addresses debt classification, inventory disclosures
In separate proposals issued recently, FASB addressed balance sheet classification of debt and the disclosure requirements for inventory under the board’s Disclosure Framework. The proposed...
IRS Adjusts Employer-Provided Vehicle Maximums for 2017
The Internal Revenue Service has issued a notice describing the maximum vehicle values for 2017 that taxpayers need for determining the value of personal use of employer-provided vehicles under the...
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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. They include, but are not limited to, accountants, chief financial officers, auditors, bookkeepers, chief executive officers, attorneys, bankers, tax professionals and other finance and accounting employees of cooperatives.
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