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...
NSAC provides a variety of training sessions, publications, and research tools to enhance the professional competence of its members and improve the level of service they can offer cooperatives.
- The Cooperative Accountant is a quarterly technical journal featuring timely and useful information on cooperative tax, accounting, finance, and economic issues.
- Financial Reporting by Cooperatives explains and offers examples of financial statement entries unique to cooperatives.
- The Electronic Tax Library provides easy access to a searchable data base of IRS administrative rules and rulings and court cases concerning tax treatment of cooperatives. Available in the Members section of this website.
- Welcome to Cooperatives is a basic explanation of how cooperatives are organized and operated, including equity management and tax treatment. It is must reading for new employees without a background in cooperation.
- Membership Handbook provides an overview of the many publications, benefits, programs and structure of NSAC. This guide includes information on how to order extra items and how to find out more about all benefits available to members.