NSAC Mission Statement and Goals

The National Society of Accountants for Cooperatives (NSAC) is a professional society, formed in 1936, comprised of approximately 1,500 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.

Mission Statement

NSAC serves cooperatives by providing accounting, tax and business education uniquely tailored to professionals working for and with cooperatives; providing networking and professional development opportunities for members, prospective members and others supporting the cooperative sector; and participating in standard-setting and implementation processes enabling members to effectively apply those accounting standards.

Goals

Recent Happenings

Meal Portion of Per Diem Allowance Can Be Treated as Attributed to a Restaurant

The 100% deduction allowable as a business expense in 2021 and 2022 for food or beverages provided by a restaurant applies to the meal portion of a per diem rate or allowance, the IRS clarified Tuesday in Notice 2021-63. Under Sec. 274(n)(1) and Regs. Sec. 1.274-12, a deduction of any expense for food or beverages generally is limited to 50% of the amount otherwise deductible (i.e., as an ordinary and necessary business expense that is not ...

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New FASB Standard Requires Businesses to Disclose Government Aid

A FASB standard issued will require businesses to disclose information in the notes to the financial statements about certain government assistance they receive. Previously, GAAP contained no specific, authoritative guidance for business entities on accounting for or disclosing government assistance they receive. The types of assistance the new standard requires to be disclosed include cash grants and grants of other assets. The ...

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FASB Declines to Extend Nonpublic Lease Accounting Effective Date

Private companies and not-for-profits will not see further relief from the effective date of FASB's new lease accounting standard after the board voted unanimously Wednesday to reject a request for a two-year extension that was submitted by the Pennsylvania Institute of CPAs (PICPA). The current effective date for nonpublic entities is for fiscal years beginning after Dec. 15, 2021, and interim periods within fiscal years beginning after Dec.

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