When you access the NSAC website and allow your cursor to hover over the Benefits tab of the site, there are two categories listed in the benefits that would be good for you to be aware.
The Best Practices tab will take you to a new “library” of resources for a variety of different issues. The list is growing and we ask that you think of this section as a “Wikipedia” approach in that, if you review a practice and feel it needs updated or an addition, please let us know.. We want these documents to be live and interactive, but the national office and the education director retain editorial oversight.Read More >>
If you are involved with chapter leadership please remember that the chapter recognition program form needs to be completed and returned by May 31. You can access the 2017 CRP by clicking here.
If you are responsible for coordinating and submitting documentation for your chapter's CPE completion, please contact the NSAC Headquarters at (937) 222-6707, or email.
Chapter CPE documentation, we must receive your program with the field of study indicated, before June 15, 2017. If you have questions about CPE processing for your chapter, please contact the office at: (937) 222-6707.Read More >>
This feature of NSAC membership is a very cost effective method to provide top quality technical industry information to members at their desks. These live interactive online learning opportunities are modestly priced for a member to log-in and participate in the sessions. All members receive one session per year free as part of membership. Currently in the lineup of upcoming CLNs:
• April 13 - Business Continuity Planning
• May 2 - Advanced A&A (4 hour seminar)
• May 16 - ACA and the New Administration
• June 19 - Testing Internal Controls
FASB issued an accounting standard that is designed to increase the transparency and usefulness of information about defined benefit costs for pension plans and other post-retirement benefit plans presented in employer financial statements.
The rules changes are described in Accounting Standards Update No. 2017-07, Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.
Defined benefit pension cost and post-retirement benefit cost (net benefit cost) comprise several components under GAAP that reflect different aspects of an employer’s financial arrangements, as well as the cost of benefits provided to employees. GAAP requires those components to be aggregated for reporting in financial statements.Read More >>
The new revenue recognition standards issued jointly by the Financial Accounting Standards Board and the International Accounting Standards Board have been a long time in the making, and merging U.S. and international standards into a consolidated, principles-based rule has required a collaborative effort. With such a long and slow ratification process, it’s surprising to learn most companies are still assessing the impact, according to the results made available from this expansive survey by PwC and the Financial Executives Research Foundation late last year.Read More >>
FASB issued a standard that clarifies the scope of its asset derecognition guidance and adds accounting guidance for partial sales of nonfinancial assets.
The guidance is included in Accounting Standards Update No. 2017-05, Other Income—Gains and Losses From the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets.
The amendments differ from current GAAP primarily for the real estate industry but may also affect other industries such as power and utilities, alternative energy, life sciences, and shipping.Read More >>
Cooperatives distribute member-based income to patrons in the form of patronage dividends. Historically, these took the form of qualified patronage dividends with a portion paid in cash and the rest paid in qualified equity credits. Subchapter T of the Internal Revenue Code has specific requirements for a distribution to be considered “qualified.” Once these requirements are met, the cooperative is allowed a tax deduction for the entire patronage distribution, and the patron typically includes the full distribution in taxable income.Read More >>
The Internal Revenue Service is cautioning a variety of organizations that the W-2 phishing email scam is now spreading to more organizations beyond corporate America, with schools, restaurants, hospitals and tribal groups now being targeted by cybercriminals.
Last week, the IRS issued a warning about the scam reappearing this tax season for the second year in a row. Cybercriminals tricked payroll and HR employees into giving employee names, SSNs and income information in response to emails from fraudsters posing as corporate executives. Identity thieves then filed tax returns using the employees’ names seeking their tax refunds. On Thursday, the IRS, along with state tax agencies and the tax industry said the Form W-2 email phishing scam has evolved beyond the corporate world and is now spreading to other sectors, including school districts, tribal organizations and nonprofits.Read More >>
As companies prepare for the new revenue accounting standards that take effect for all public companies in 2018, a wide range of accounting and financial executives are tasked with evaluating what adjustments will need to be made and what new procedures will need to be put in place for recording various financial metrics.
Revenue recognition is a critical and often complex accounting area that companies can’t afford to get wrong, so many boards and investors want to know what to expect and what needs to be done to get through the implementation.Read More >>
For many years, corporate accounting professionals have been taking advantage of cost segregation studies to provide significant tax benefits for their businesses by accelerating the depreciation on qualified fixed assets.
By depreciating the personal property costs of such assets over five or seven years (and land improvements over 15 years instead of the typical 39-year recovery period for general building property), the additional deductions can be used to offset taxable income. This accelerated depreciation, in turn, provides additional cash flow.Read More >>