Latest News

NSAC Tax Committee: Qualified Payment Letter to IRS 12-20-2019
December 20, 2019CC:PA:LPD:PR (REG-118425-18)Room 5203Internal Revenue ServiceP.O. Box 7604Ben Franklin StationWashington, DC 20044  Dear Sirs and Madams: The National Society of Accountants for...
Read More >>

How to Handle an Office Know-It-All
Know-it-alls get that title because they are usually right. They are smart and do their homework, and they are happy to flaunt their wisdom in front of anyone who will listen. They may act with an...
Read More >>

Passwords Should Become a Thing of the Past. Here's Why
When the man who invented passwords says it’s time to move on, it probably is. Four years ago, Fernando Corbato, who invented the first computer password in the 1960s, said that passwords had...
Read More >>

Want a Happy Employee? Give Them an Office
I know, I know. You just ordered a 50-foot, untreated walnut conference table, and you envision all of your employees filing into work each day, grabbing a seat at random, and coding away as part of...
Read More >>

Independent Contractor or Employee? Varying Tests
It is not unusual to read news stories about companies being sued for classifying workers as independent contractors when they claim to be employees. Being designated an employee can have a profound...
Read More >>

View News Archives >>

Financial Reporting By Cooperatives

  • Have you ever had a new issue arise that required special treatment or disclosure in your cooperative's financial statements and wished you knew how other cooperatives have handled such matters in their statements?
  • Have you ever wondered how the financial statement treatment or the footnote disclosure you "developed" compares with other cooperatives' treatment of similar matters?
  • Have you ever struggled with the writing of a footnote disclosure and wished you had access to others' solutions to comparable dilemmas so you wouldn't have to "reinvent the wheel?"

If any of these questions were true, then this may be the answer for you. The primary focus of “Financial Reporting by Cooperatives” relates to the uniqueness of financial statement disclosures by cooperatives, an area that is not well addressed by the body of accounting pronouncements. Of the few authoritative sources available to refer to for guidance in dealing with unique cooperative financial statement disclosure issues, this publication certainly ranks high! The information, extracted from the database of over 40 actual cooperative financial statements, has been sorted by financial statement classification. Each major section of the publication includes a discussion of the accounting principles relevant to that area of the financial statement. The discussion is followed by the examples of actual financial statement footnote disclosures on areas of the financial statements that include elements unique to cooperatives.

Financial Reporting by Cooperatives should prove to be an indispensable tool to every preparer of financial statements for cooperatives, to students of cooperative accounting and to anyone who has occasion to work with such statements. The publication is available free of charge to members by link only. Please click here. It is revised each year by members of NSAC’s Accounting & Auditing Committee.

The cost for a one-year subscription is $75 and for a three-year subscription is $225 for non-members.
Click here for an online order form
.