An Easier Way for Certain Private Companies to Account for Goodwill
In January, the Financial Accounting Standards Board issued final guidance on an accounting alternative that allows private companies to amortize goodwill acquired in a business combination and to use a simpler one-step impairment test.
Accountants’ Confidence Wobbles Slightly Going into 2014
The accounting profession's expectations for economic growth wobbled slightly, but remained positive for the fourth month in a row
Accounting Firm Leaders and Staff See Ethics Differently
Leaders of accounting firms may view the ethical environment differently from their staff members, according to a new study.
Certain private companies can now use simplified hedge accounting
The FASB has issued final guidance that makes it easier for certain private companies to qualify for hedge accounting for interest rate swaps used to convert variable-rate debt into fixed-rate debt.
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
- 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
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