Latest News

FASB to propose a one-year deferral of the new revenue standard
The FASB decided to propose a one-year deferral of the effective date for its new revenue standard for public and nonpublic entities reporting under US GAAP.
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Boards agree to propose additional changes to revenue standard
FASB and the International Accounting Standards Board (IASB) voted to propose additional changes to the converged revenue recognition standard to address implementation concerns of financial statement preparers.
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FASB plans two new proposals to simplify accounting
FASB took steps to simplify accounting in two areas when it voted to direct the board’s staff to prepare a pair of proposed Accounting Standards Updates.
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New Lease Accounting May Favor IFRS Filers
When new lease accounting standards eventually take effect, companies reporting under the international rules are likely to look more profitable than those reporting under U.S. GAAP.
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The IRS Has New Favorite People to Audit
If you’re scared of an audit by the IRS, there’s less to fear these days. New data show that budget cuts at the IRS mean the agency is investigating fewer wealthy taxpayers.
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Change is coming: Accounting method changes under the tangible property regulations
The new tangible property regulations form a framework of rules for the capitalization of tangible property that affects the treatment of fixed asset additions and disposals
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About NSAC

The National Society of Accountants for Cooperatives (NSAC) is a professional society, formed in 1936, comprised of approximately 2,000 individual members actively involved with the financial management and planning of cooperative business. NSAC members are either employed by a cooperative or provide professional services for cooperatives.

Serving Individual members and their respective organizations

  • Employees of cooperatives who are accountants, bookkeepers and office managers; controllers and tax directors; internal auditors and in-house legal staff, as well as CFOs and other finance professionals
  • Professionals advising and providing services to cooperatives such as independent auditors and CPAs, tax advisors and preparers, cooperative bank professionals, professionals working for law firms, government employees advising cooperatives and cooperative association employees

Providing

  • Continuing Educational Programming
  • Continuing Professional Education (CPE) credits Resources on Financial Reporting Programs for both Small and Large Cooperatives
  • A Directory of Other Cooperative Professionals
  • Networking Opportunities
  • A Quarterly Technical Journal

History
In 1935, auditors for the Northern States Cooperative League began holding meetings. Due to the success of these gatherings, they decided to form a national organization. NSAC Milestones:

1943 – Formally structures as an independent, nonprofit corporation
1948 – Begins publishing The Cooperative Accountant
1952 – Publishes first cooperative accounting report
1980 – Hires first professional manager1998 – Organizes nationwide Electric Cooperative Chapter
2001 – Begins actively participating in FASB projects that impact co-ops
2008 – Becomes industry leader in international accounting standards development
2011 – Celebrates 75th Anniversary at Annual Meeting in Orlando, FL