Top Stories in Accounting in 2014
If you thought the webinar had changed continuing professional education, wait until some of things talked about in the American Institute of CPAs’ “Future of Learning” report come about.
Boards complete redeliberations of the definition of a lease
The FASB and IASB (collectively, the Boards) decided against adding an additional requirement to their proposed definition of a lease
Substantiating Expenses: All or Nothing
Under Sec. 274(d), for certain expenses, taxpayers are required to be able to provide specific detailed information to substantiate the expenses. As the recent case of Garza, T.C. Memo. 2014-121, demonstrates, this is an all-or-nothing proposition
Ben Affleck Will Star as 'The Accountant''! What?
In what may prove to be either a casting coup or a disaster in the making, Ben Affleck is set to star in an action thriller entitled “The Accountant.”
No more extraordinary items: FASB simplifies GAAP
TA FASB initiative designed to simplify GAAP has yielded its first standard: The board is eliminating the concept of extraordinary items from GAAP.
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