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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Financial Reporting By Cooperatives

  • Have you ever had a new issue arise that required special treatment or disclosure in your cooperative's financial statements and wished you knew how other cooperatives have handled such matters in their statements?
  • Have you ever wondered how the financial statement treatment or the footnote disclosure you "developed" compares with other cooperatives' treatment of similar matters?
  • Have you ever struggled with the writing of a footnote disclosure and wished you had access to others' solutions to comparable dilemmas so you wouldn't have to "reinvent the wheel?"

If any of these questions were true, then this may be the answer for you. The primary focus of “Financial Reporting by Cooperatives” relates to the uniqueness of financial statement disclosures by cooperatives, an area that is not well addressed by the body of accounting pronouncements. Of the few authoritative sources available to refer to for guidance in dealing with unique cooperative financial statement disclosure issues, this publication certainly ranks high! The information, extracted from the database of over 40 actual cooperative financial statements, has been sorted by financial statement classification. Each major section of the publication includes a discussion of the accounting principles relevant to that area of the financial statement. The discussion is followed by the examples of actual financial statement footnote disclosures on areas of the financial statements that include elements unique to cooperatives.

Financial Reporting by Cooperatives should prove to be an indispensable tool to every preparer of financial statements for cooperatives, to students of cooperative accounting and to anyone who has occasion to work with such statements. The publication is available free of charge to members by link only. Please click here. It is revised each year by members of NSAC’s Accounting & Auditing Committee.

The cost for a one-year subscription is $75 and for a three-year subscription is $225 for non-members.
Click here for an online order form
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