NSAC Happenings and Latest News
Best Practices: 6 Strategies for Leading Through Uncertainty
If there was ever any doubt about the importance of a leader’s ability to navigate change, uncertainty, and disruption, the emergence of the global pandemic in 2020 made this necessity abundantly clear. And while we all hope to avoid future pandemics, one thing is certain — we cannot avoid ever-increasing complexity. The leaders we work with often report feeling stuck, ill-equipped, or overwhelmed as they face the growing challenges ...
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NSAC releases the Spring 2021 issue of The Cooperative Accountant
NSAC publishes a technical journal, The Cooperative Accountant (TCA), exclusively for its membership on a quarterly basis. Each issue includes articles covering many cooperative related issues. Topics include accounting & auditing issues, finance and banking, cooperative management and operations, legal and regulatory issues and taxation. Sections addressing the specific needs of individual groups of members include: Small Cooperative ...
Read MoreInternal Auditors Move Toward Cloud
Nearly a quarter of internal audit teams intend to implement cloud-based audit management or governance, risk and compliance software this year, according to a new survey. The report, by the Institute of Internal Auditors’ Internal Audit Foundation and the audit, risk and compliance software developer AuditBoard, surveyed 134 internal audit leaders and found that 22 percent of the respondents indicated they intend to implement ...
Read MoreFASB Offers Goodwill Alternative for Private Cos., Nonprofits
The Financial Accounting Standards Board released an accounting standards update that gives private companies and nonprofits an accounting alternative to decrease the complexity of performing a goodwill triggering event evaluation. Under current U.S. GAAP, goodwill needs to be tested for impairment when a triggering event happens that indicates that it’s more likely than not that the fair value of the reporting unit is less than ...
Read MoreIRS Explains Which Meals Qualify for Temporary 100% Expense Deduction
The IRS released guidance explaining when the temporary 100% deduction for restaurant meals is available and when the 50% limitation on the deduction for food and beverages continues to apply for Sec. 274 purposes (Notice 2021-25). Under Sec. 274(n)(1), a deduction for any expense for food or beverages is generally limited to 50% of the amount that would otherwise be deductible. However, the Consolidated Appropriations Act, 2021, P.L. 116-260, ...
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