NSAC Happenings and Latest News - Page 38
Revenue Planning During COVID-19 and Beyond
Originally Published in The Cooperative Accountant, Winter 2020 Issue Introduction The pandemic has brought overall economic slowdown and changes in social patterns resulting from impacts due to the SARSCoV-2 virus (COVID-19). This is making it more difficult for electric cooperatives to project future revenue patterns, and challenging to forecast future financial outcomes. This article discusses trends in revenue forecasting for the electric ...
Read More2021 Standard Mileage Rates Decrease
The optional standard mileage rates for business use of a vehicle will decrease once again in 2021 after increasing significantly in 2019, the IRS announced in Notice 2021-02. For business use of a car, van, pickup truck, or panel truck, the rate for 2021 will be 56 cents per mile after decreasing to 57.5 cents per mile in 2020, down from 58 cents per mile in 2019. Taxpayers can use the optional standard mileage rates to calculate the ...
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The Cooperative Accountant is Going Digital
NSAC's quarterly technical journal, The Cooperative Accountant, often referred to as the TCA, is going digital! Members will receive both the digital and printed versions of the winter 2020 edition, and the digital TCA will arrive through email and Connect thereafter. Watch below as Nick Mueting, NSAC President, and Bill Miller, NSAC Immediate Past President, discuss the new found benefits of the digital TCA.
Read MoreFASB: Don’t Make Big Changes to the Lease Standard
As we wrap up an unpredictable year, let’s explore the Financial Standards Accounting Board’s recent roundtable discussions, new guidance on lease implementation for public and nonpublic organizations, and what we can expect for non-public implementation next year. Public companies understand the new lease standard now that they have completed their implementations. For the most part, the guidance works as intended, and the standard ...
Read MoreFASB Proposes Goodwill Alternative for Private Cos., Nonprofits
The Financial Accounting Standards Board floated a proposed accounting standards update to offer an accounting alternative to make it easier for private companies and nonprofit organizations to evaluate a goodwill triggering event. Under the current rules for U.S. GAAP, goodwill has to be tested for impairment when a triggering event happens indicating it’s more likely than not that the fair value of the reporting unit is ...
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