Latest News

Work-life balance' top priority for millennials, global survey finds
A new global survey via professional services network World Services Group found that among young professionals in North America (as well as the rest of the world), work-life balance was the biggest...
Read More >>

When the New Corporate Tax Rate Kicks in: A Primer
The lower corporate tax rate under the new tax law spurred some confusion for corporations whose taxable years don’t begin on January 1.  Tax professionals have been practically unanimous in...
Read More >>

7 proposed changes to the auditor's report
An auditor’s report gives lenders confidence that financial statements are free of material misstatement. But does the auditor’s report really tell the story of what the auditor did to gain...
Read More >>

New tax withholding tables are issued
The IRS issued new income tax withholding tables that reflect new tax rates and other changes for individuals implemented by P.L. 115-97, known as the Tax Cuts and Jobs Act, enacted Dec. 22 (Notice...
Read More >>

Taking Clients to Ballgames? Tax Law Change Makes It Costlier
Businesses—especially smaller firms—may scale back on treating clients to major league baseball games, golf outings and the like after Congress and President Donald Trump ended a tax break for...
Read More >>

View News Archives >>

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
.