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Cooperative Learning Network (CLN)
This feature of NSAC membership is a very cost effective method to provide top quality technical industry information to members at their desks. These live interactive online learning opportunities are modestly priced for a member to log-in and participate in the sessions. All members receive one session per year free as part of membership. Currently in the lineup of upcoming CLNs: • April 13 - Business Continuity Planning• May 2 -
Read MoreFASB changes presentation of defined benefit costs
FASB issued an accounting standard that is designed to increase the transparency and usefulness of information about defined benefit costs for pension plans and other post-retirement benefit plans presented in employer financial statements. The rules changes are described in Accounting Standards Update No. 2017-07, Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net ...
Read MoreThe ROI of Revenue Automation in a Post-ASC 606 World
The new revenue recognition standards issued jointly by the Financial Accounting Standards Board and the International Accounting Standards Board have been a long time in the making, and merging U.S. and international standards into a consolidated, principles-based rule has required a collaborative effort. With such a long and slow ratification process, it’s surprising to learn most companies are still assessing the impact, according to ...
Read MoreFASB Clarifies Scope of Asset Derecognition Guidance
FASB issued a standard that clarifies the scope of its asset derecognition guidance and adds accounting guidance for partial sales of nonfinancial assets. The guidance is included in Accounting Standards Update No. 2017-05, Other Income—Gains and Losses From the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial ...
Read MoreNonqualified Patronage Distributions Provide Alternative for Coops
Cooperatives distribute member-based income to patrons in the form of patronage dividends. Historically, these took the form of qualified patronage dividends with a portion paid in cash and the rest paid in qualified equity credits. Subchapter T of the Internal Revenue Code has specific requirements for a distribution to be considered “qualified.” Once these requirements are met, the cooperative is allowed a tax deduction for the ...
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