NSAC Happenings and Latest News - Page 89
Deal Reached on Fixing 'Grain Glitch' in New Tax Law
Two trade groups representing farmer cooperatives and grain and feed producers have reached an agreement to resolve a technical problem in the Tax Cuts and Jobs Act, with the support of Republican leaders in Congress who hope to include the provision within a larger appropriations bill. Section 199A of the tax law that Congress passed last December gave an advantage to farm cooperatives over corporate-owned feed producers such as Archer Daniels ...
Read MoreNSAC longtime member Thomas Kandel, notes his retirement
Thomas Kandel will be retiring from National Rural Utilities Cooperative Finance Corporation, (NRUCFC) effective March 30, 2018. Tom served as Vice President and Chief Financial Officer, Southern Maryland Electric Cooperative from 1996-2006. Having worked over 45 years in or associated with the electric utility industry, including investor-owned utilities (Columbus and Southern Ohio Electric Company, Madison Gas and Electric Company and ...
Read MoreHow Organizations Can Streamline the Month-end Close
This process is a time of stress and long hours for employees, despite technological improvements. Companies have long sought ways to streamline processes so that accountants can spend less time collecting numbers and more time analyzing them for the organization's benefit. Many nimble organizations are finding those time savings in the month-end close. Closing the books quickly gives them the opportunity to take ...
Read MoreFASB Proposes Corporate Reporting Change Related to New Tax Law
One challenging effect of new P.L. 115-97, called the Tax Cuts and Jobs Act, on company financial statements would be eliminated under a proposal FASB issued recently. The proposed Accounting Standards Update (ASU) is intended to help organizations reclassify certain so-called stranded income effects in accumulated other comprehensive income resulting from the new tax law, which was enacted in ...
Read MoreFASB Task Force Tackles Cloud Computing Costs
The Financial Accounting Standards Board’s Emerging Issues Task Force plans to propose new rules for how to deal with cloud computing service costs. At a meeting last week, the EITF discussed how to account for implementation, setup, and other upfront costs incurred in cloud computing arrangements that are service contracts. They decided to propose an accounting standards update that will be issued in the next few weeks about the ...
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