General Article Archives

NSAC releases the Spring 2021 issue of The Cooperative Accountant

NSAC releases the Spring 2021 issue of The Cooperative Accountant

Published May 3, 2021

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 ...

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Selections from the Best Practices Archive

Published March 25, 2021

Originally Published in The Cooperative Accountant, Winter 2020 IssueThe Centers for Disease Control and Prevention recommend annual checkups for individuals of all ages. Why? Because “regular health exams and tests can help find problems before they start.” Not only is this true for our personal health, but also for the health of companies. When unchecked for too long, many companies unknowingly foster workplaces susceptible to ...

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Small Business Forum: (Ac)Counting on Disruption: An Accounting Guide to Surviving the Rapidly Changing Business Landscape While Adding Value to Your Firm

Published March 11, 2021

Originally Published in The Cooperative Accountant, Winter 2020 IssueCovid-19 reportedly started as a limited issue in a Wuhan wet market as early as November 2019. It spread, slowly at first, and then exponentially. By March, the virus had spread around the globe and less than a year from the first outbreak, more than 1 million people had died. If the virus could have been understood and contained in those early months, before the Pandoras Box ...

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Final Regulations Under IRC Section 163(J)

Final Regulations Under IRC Section 163(J)

Published March 1, 2021

Originally Published in The Cooperative Accountant, Winter 2020 Issue On July 28, 2020, the Treasury Department released final regulations with guidance on applying the limitations on the deductibility of business interest expense (BIE) under IRC Section 163(j) (the Final Regulations), which was significantly modified by the Tax Cuts and Jobs Act (TCJA) and then temporarily modified by the Coronavirus Aid, Relief, and Economic Security Act ...

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FASB Approve Accounting Update to Presentation and Disclosure by Not-For-Profit Entities for Contributed Nonfinancial Assets

FASB Approve Accounting Update to Presentation and Disclosure by Not-For-Profit Entities for Contributed Nonfinancial Assets

Published February 11, 2021

Originally Published in The Cooperative Accountant, Winter 2020 Issue. On September 17, 2020, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) intended to improve transparency in the reporting of contributed nonfinancial assets, also known as gifts-in-kind, for not-for-profit organizations. Examples of contributed nonfinancial assets include fixed assets such as land, buildings, and equipment; the ...

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