Latest News

Recently the Capitol Chapter held their annual meeting in Gettysburg Pennsylvania. In honor of the historic battle that unfolded on those grounds, Dave Antoni and Barry Groebel engaged in a display of recognition for the historic setting for their annual meeting.

FASB Moves to Simplify Business Combination Accounting
FASB issued new guidance Friday designed to simplify accounting for adjustments made to provisional amounts recognized in a business combination.

FASB Addresses Issues Raised During Drafting of the New Leases Standard
The FASB made several decisions on issues that arose as its staff was drafting the final leases standard it plans to issue in late 2015 or early 2016.

FASB Proposes Narrow Changes to Revenue Recognition Standard
FASB proposed changes that are designed to improve guidance on collectability, noncash consideration, and completed contracts at transition in the new revenue recognition standard.

How Should Materiality Be Applied? FASB Weighs In
FASB issued two exposure drafts that address the use of materiality—an attempt to help organizations eliminate unnecessary disclosures in financial statements.

FIN 48 Deterred Earnings Management
The Financial Accounting Standards Board’s 2007 standard on accounting for uncertainty in income taxes, FASB Interpretation No. 48, or FIN 48, has helped discourage companies from using tax reserves to manage their quarterly earnings reports, according to a new study.

Online Banking Fraud: A Devastating New Threat to Your Business
The biggest risk to your manufacturing company’s financial security does not come from domestic regulations and taxes, or even from a highly competitive China.

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


  • 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