Latest News

IRS audit rate for individuals drops
Your chances of facing an IRS audit rate dropped to the lowest level in at least a decade in 2014 and are expected to fall further this year, according to new data USA TODAY obtained from the nation's tax agency.
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Revenue recognition implementation concerns finance executives
As FASB and the International Accounting Standards Board (IASB) continue to discuss proposals for clarifying the new, converged standard on revenue recognition, KPMG has found that a majority of companies (64%) remain unsettled on how they would adopt the standard.
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IRS answers questions on tangible property repair regs
The Internal Revenue Service has released a set of frequently asked questions and answers in an effort to clarify its tangible property repair regulations.
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FASB completes re-deliberations on leases and directs staff to draft new standard
The FASB and the International Accounting Standards Board (IASB), which have held joint deliberations in this project, are expected to issue separate standards in the second half of 2015.
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Forging cooperation between internal audit, external audit, audit committee
Although internal audit, external audit, and audit committees have different roles, their duties often intersect. External auditors may use the work of internal auditors to the extent this is permitted by auditing standards and regulators.
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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