Private Company Council – Why It’s Important to Coops

Date: Wednesday, February 10, 2016
Time: 12:00 PM ET / 11:00 AM CT / 10:00 AM MT / 09:00 AM PT [Prevailing Time]
Presenter: Russ Wasson, CPA, Director Finance and Accounting Policy, NRECA
Moderator:
Learning Objectives:
This session will introduce participants to the Private Company Council, established in 2012 by the Financial Accounting Foundation (FASB’s oversight body), to improve the process of setting accounting standards for private companies. Learn what the PCC is, how the Council is impacting new standards, how co-ops are involved and why it is important that co-ops and NSAC stay involved in the process.
Field of Study: Accounting
Program Level: Basic
CPE Credit: 1 Credit Hour
Delivery Method: Group Internet-based
Prerequisite(s): No advanced preparation or prerequisites are required for this course.
  Order Recording

Course Description

This presentation will cover the history and evolution of accounting standards for private companies, such as cooperatives, under US GAAP. Recent developments with respect to the FASB’s Small Business Advisory Committee and the Private Company Council will be emphasized.

Presenter and Moderator Bios

Presenter: Russ Wasson, CPA, Director Finance and Accounting Policy, NRECA

Since January 2005, Russ has represented NRECA with respect to tax, finance and accounting policy. Russ is a trusted resource on those issues for NRECA members’ finance professionals and management, the professionals that advise our members, and staff, board members, and commissioners at related standard setting bodies and agencies. Russ has also led NRECA’s advocacy efforts at the Commodities Futures Trading Commission as the CFTC implements the Dodd-Frank Wall Street Reform and Consumer Protection Act and is responsible for the 76 comment letters NRECA filed on CFTC rulemakings since 2010. In 2015, Russ was appointed as an Associate Member of the CFTC’s Energy and Environmental Markets Advisory committee. Russ served for five years as a member of the FASB Small Business Advisory Committee and participated in the Financial Accounting Foundation strategic focus group on the future direction of the FASB, in addition to serving on the Board of Directors of the Centre of Excellence in Accounting and Reporting for Co-operatives at St. Mary’s University in Halifax, NS. In 2014, Russ was appointed by the International Cooperative Alliance to their International Accounting Standards Working Group and the FASB Working Group on Government Assistance Disclosures. Russ received his Bachelor of Science degree in accounting from the University of Arkansas at Little Rock in 1980. He became a CPA in 1980. Russ worked for Cajun Electric Power Cooperative from 1983 until 2000. As Vice President and Corporate Controller, Russ had forty four individuals in his division. After Cajun, Russ started a consulting firm that provided consulting services to electric cooperatives and an RTO. In 2001, Russ began teaching at Penn State’s Advanced School of Power Engineering which he continued to do until 2013. In 2014, Russ became a Global Chartered Management Accountant with the American Institute of Certified Public Accountants. Russ has been a professional musician since age 14. Russ and his wife Diane are the proud parents of two daughters that live in Alabama and New York and are grand parents to twin granddaughters.

Cost
$56.00 for NSAC Members / $70.00 for Non-Members

Delivery System

• All programs are delivered using the Zoom platform.
• Confirmations will include log-in instructions.
• Participants are able to participate using any device with an Internet connect (if the device does not have speakers, the participant can also dial-in) or they can participate with audio only by dialing in.
• All registrants will receive a link to the CLN’s recording by email within 48 business hours of event’s conclusion.
• There will be assistance available to help with technical and connectivity issues up to 10 minutes prior to the start of the presentation.

Registration

All registration is done on-line and each guest must provide their name and email address to participate. All NSAC members may register for free. Non-members may register for a nominal fee.

Refund Policy

NSAC will not issue refunds for CLNs. If a registrant is unable to participate in the CLN and provides notification to info@nsacoop.org 48 hours prior to the session, a credit will be provided for a future CLN. Alert the NSAC staff member monitoring the CLN if technical difficulties are encountered and technical support will be provided to eliminate problems with future CLNs.

Additional Information

Live participation is required for CPE credit and polling questions must be answered to document your active participation. All registrants will receive an email following the session with links to the slides and/or handouts, and a link to the CLN recording (unless otherwise stated). If you are unable to participate in the live session, you can still watch the recorded session, but you will not be eligible for CPE credits. Those eligible for credits will receive their certificate by email with 7 business days.

For more information regarding NSAC CLNs or administrative policies such as complaint and refund, contact the NSAC Headquarters, 7946 Clyo Road, Suite A, Centerville, OH 45459, 937-222-6707, or info@nsacoop.org.