Latest News

Operating vs. Finance Leases: The Impact of the New Standard
The clock is ticking on the countdown to the implementation of the new lease accounting standard for private companies. According to reports from the Securities and Exchange Commission and the U.S....
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Hidden in Plain Sight: Accounting for Embedded Leases
FASB’s new lease accounting standard is having a significant effect on a broad range of balance sheets for all types of entities, with some companies reporting financial obligations of billions of...
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Unclaimed Property Audit Fallacies and Myths
Despite the strong economy and their fuller coffers, states across the nation continue to take an aggressive approach in administering their unclaimed property statutes. Illinois, for example, has...
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IRS Finalizes Rules for 100% Depreciation Deduction
The Internal Revenue Service and the Treasury Department released the final regulations for the new 100 percent additional first year depreciation deduction included as part of the Tax Cuts and Jobs...
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IRS Updates Per Diem Rates for Lodging and Meal Expenses When Traveling
The Internal Revenue Service issued new per diem rates for business travelers to use for lodging, meals and incidental expenses, effective Oct. 1, 2019. Notice 2019-55 provides the annual update to...
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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
.