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No Delay in Lease Accounting Standard Effective Date
FASB will not be providing a last-minute reprieve on its lease accounting standard effective date, despite the concerns of financial statement preparers about the difficulty of implementing the new...
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Common Depreciation Missteps and Misconceptions: Demolition of Structures
In most cases, the demolition of a structure to facilitate construction of a new building increases the land value. Not only does the cost of demolition increase the value of the land, but also the...
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IRS Points to New Limits on Like-kind Exchanges
The Internal Revenue Service is reminding taxpayers Monday about a change under the new tax law that limits like-kind exchanges to exchanges of real estate and similar property. Under last...
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4 Steps to Prepare for the Future of Accounting
Time is running out to start getting ready for the technology-transformed, new-world accounting profession that is evolving at an increasing pace. What changes are coming? What steps should be taken...
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AICPA Drafts Guidance on Inventory Valuation
The American Institute of CPAs' Financial Reporting Executive Committee has posted an early working draft of guidance on inventory valuation guidance, with a goal of eventually publishing a broader...
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About NSAC

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.

Serving Individual members and their respective organizations

  • Employees of cooperatives who are accountants, bookkeepers and office managers; controllers and tax directors; internal auditors and in-house legal staff, as well as CFOs and other finance professionals
  • Professionals advising and providing services to cooperatives such as independent auditors and CPAs, tax advisors and preparers, cooperative bank professionals, professionals working for law firms, government employees advising cooperatives and cooperative association employees

Providing

  • Continuing Educational Programming
  • Continuing Professional Education (CPE) credits Resources on Financial Reporting Programs for both Small and Large Cooperatives
  • A Directory of Other Cooperative Professionals
  • Networking Opportunities
  • A Quarterly Technical Journal

History
In 1935, auditors for the Northern States Cooperative League began holding meetings. Due to the success of these gatherings, they decided to form a national organization. NSAC Milestones:

1943 – Formally structures as an independent, nonprofit corporation
1948 – Begins publishing The Cooperative Accountant
1952 – Publishes first cooperative accounting report
1980 – Hires first professional manager1998 – Organizes nationwide Electric Cooperative Chapter
2001 – Begins actively participating in FASB projects that impact co-ops
2008 – Becomes industry leader in international accounting standards development
2011 – Celebrates 75th Anniversary at Annual Meeting in Orlando, FL