General Article Archives
Section 163(j) and Patronage Dividends Patrons Receive from Credit Cooperatives
The U.S. Department of Treasury (Treasury) and the Internal Revenue Service (IRS) provide taxpayers with an opportunity to suggest tax issues of general interest for which guidance would be helpful to taxpayers under a program called the Priority Guidance Plan. The National Council of Farmer Cooperatives (NCFC) sent a letter on May 30, 2024 recommending the issuance of guidance with respect to the treatment of patronage dividends received by a ...
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Digital literacy: a Must-Have For Accountants
The role of an accountant has been evolving significantly over the last several years and will continue to be notably impacted by continuously emerging technology solutions. The days when accountants were predominantly number-crunchers and those that put together financial reports are dwindling, if not all together gone. Traditional accounting tasks have been streamlined or eliminated with the introduction of multiple technological solutions.
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Accounting and Tax Guidance for Crypto Assets
In December 2023, the FASB issued Accounting Standards Update (ASU) 2023-08, entitled Accounting for and Disclosure of Crypto Assets. The provisions in ASU 2023-08 add Accounting Standards Codification (ASC) Subtopic 350-60, entitled Intangibles—Goodwill and Other—Crypto Assets to the accounting technical literature. This guidance applies to all entities that hold crypto assets that meet certain criteria. The provisions of ASU ...
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FASB ISSUES Accounting Standards Update 2024-03 INCOME STATEMENT-REPORTING COMPREHENSIVE INCOME - EXPENSE DISAGGREGATION DISCLOSURES (Subtopic 220-40) November 2024
Feedback from investors, lenders, creditors, and other allocators of capital (collectively, “investors”) on the 2021 FASB Invitation to Comment, Agenda Consultation, indicated that disclosure of disaggregated financial reporting information (in the income statement, the statement of cash flows, or the notes to financial statements) should be a top priority for the Board. The Board received similar feedback as part of the 2016 FASB ...
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ROI for Electric Cooperatives
Investopedia defines ROI as “a ratio that measures the profitability of an investment by comparing the gain or loss to its cost” (Beattie, 2024, para. 1). Beattie goes on to point out that ROI is calculated by subtracting the initial cost of the investment from its final value, then dividing this new number by the cost of the investment, and finally, multiplying it by 100. This value is then represented as a percentage of ROI. ROI ...
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