Latest News

New Leasing Standard Could Benefit Companies
The Financial Accounting Standards Board’s new lease accounting standard could have some positive payoffs for companies if they take a careful approach to implementing it. FASB released the...
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FASB Streamlines Move to Equity Method of Accounting
The Financial Accounting Standards Board has issued an accounting standards update making it easier for companies to transition to the equity method of accounting.  Stakeholders told FASB that the...
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How Cooperatives Measure Earnings Affects Patronage Refunds
Patronage refunds are one of the main differentiating factors between a cooperative business and a regular corporation or other business entity. One of the major parts of the statutory definition of...
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FASB Releases Lease Accounting Standard
The Financial Accounting Standards Board issued its long-awaited Lease Accounting Standard, one of the major convergence projects on which it has collaborated for a decade with the International...
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The Expanding View of Expense Management
With its origins in paper trails and manual processes, travel and entertainment expense reporting historically has been more of a black box for accounting professionals than a source of financial...
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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