General Article Archives - Page 2
NSAC Elects New Board of Directors for 2024-2025 Term
The National Society of Accountants for Cooperatives (NSAC) is pleased to announce the new Board of Directors for the 2024-2025 term. The Board of Directors aids in determining the culture, strategic focus, and overall direction of the NSAC. The Board supports NSAC’s mission of serving cooperatives by providing accounting, tax and business education uniquely tailored to professionals working for and with cooperatives; providing networking ...
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NSAC Welcomes Erik Gillam as National President
August 30, Centerville, OH – The National Society of Accountants for Cooperatives (NSAC) is pleased to announce that Erik Gillam, CPA, Partner at Aldrich CPA’s + Advisors, has been named NSAC National President for the 2024-2026 term. Founded in 1936, NSAC is a professional society with approximately 1,600 members who are dedicated to the financial management and planning of cooperative businesses. The organization uniquely serves ...
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TAXFAX Summer 2024
Washington Update As of mid-April the fate of federal tax legislation is uncertain. On January 31 the House approved H.R. 7024, the "Tax Relief for American Families and Workers Act of 2024," by a vote of 357 to 70. The Senate has not yet taken up the bill, which contains several key business tax relief provisions, including: Delay five-year amortization of domestic research or experimental costs until taxable years beginning after ...
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FASB ISSUES ASU 2024-01 March 2024 COMPENSATION-STOCK COMPENSATION (Topic 718) Scope Application of Profits Interest and Similar Awards
Purpose and Rationale The FASB issued this Update to clarify the application of GAAP to profits interest and similar awards. These awards, which are often used to align compensation with an entity’s performance, have led to inconsistent accounting practices. The Update aims to provide clear guidance on whether these awards should be accounted for under Topic 718 (Compensation—Stock Compensation) or other compensation-related ...
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Pool of Accounting Graduates and Potential Accounting Careers
A 2023 report by the American Institute of Certified Public Accountants (AICPA) noted that the number of college accounting graduates dipped in the 2021-2022 academic year. The report, “2023 Trends: A Report on Accounting Education, the CPA Exam and Public Accounting Firms’ Hiring of Recent Graduates”, indicated that about 47,000 students earned a bachelor’s degree in accounting in the 2021-2022 school year. This was down ...
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