General Article Archives - Page 9

Small Business Forum: Implications of Book versus Tax Based Patronage in Agricultural Cooperatives

Published July 19, 2021

Originally published in The Cooperative Accountant, Summer 2021 Issue IntroductionA book tax difference (BTD) is the difference between book income and taxable income in a given period. BTDs arise from various accounting items that are recognized differently depending on the income basis in consideration. Taxable income represents the amount of income that is subject to taxation in accordance with IRS tax code and other statutes. Book ...

Read More  

ACCTFAX Summer 2021 Bulletin Board

Published July 14, 2021

Originally published in The Cooperative Accountant, Summer 2021 Issue ASB PROPOSES TO IMPROVE AND EXPAND HEDGE ACCOUNTINGOn May 5, 2021, the Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update (ASU) intended to better align hedge accounting with an organization’s risk management strategies. Stakeholders are encouraged to review and provide comment on the proposed ASU by July 5, 2021. In 2017, the ...

Read More  

Utility Cooperative Forum: Do the Benefits of Underground Power Lines Outweigh the Costs?

Published July 8, 2021

Originally published in The Cooperative Accountant, Summer 2021 Issue Overview:America’s reliance on electricity has continued to grow.  Disruptions in electric service from weather events or natural disasters have tended to repeatedly prompt the seemingly logical next question “does it make sense to underground (UG) power lines to help minimize outages?”  Additionally, there has been a continuing trend for the ...

Read More  

NSAC Announces 2021-2022 Scholarship Recipients

Published June 22, 2021

The NSAC is excited to announce that it has selected its scholarship recipients for the 2021-2022 academic school year. Five students received a $2,000 scholarship, for a combined total of $10,000. The students selected to receive the scholarship were chosen based on their hard work and dedication to their studies. This year’s NSAC Scholarship recipients are: Ty Allen, Harding University, FinanceNSAC Member: Chad Allen, Carroll ...

Read More  

Starting or Jump-Starting an Internal Audit Department?

Published June 22, 2021

Organizations will deploy many layers of defense to ensure there are sufficient controls in place to manage risk, avoid setbacks, and aid in achieving company objectives. The Institute of Internal Auditors (IIA) is an industry authority on internal auditing, along with other functions related to the internal auditing function.

Read More