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.
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.
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.
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.
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.
NSAC provides a variety of training sessions, publications, and research tools to enhance the professional competence of its members and improve the level of service they can offer cooperatives.
- The Cooperative Accountant is a quarterly technical journal featuring timely and useful information on cooperative tax, accounting, finance, and economic issues.
- Financial Reporting by Cooperatives explains and offers examples of financial statement entries unique to cooperatives.
- The Electronic Tax Library provides easy access to a searchable data base of IRS administrative rules and rulings and court cases concerning tax treatment of cooperatives. Available in the Members section of this website.
- Welcome to Cooperatives is a basic explanation of how cooperatives are organized and operated, including equity management and tax treatment. It is must reading for new employees without a background in cooperation.
- Membership Handbook provides an overview of the many publications, benefits, programs and structure of NSAC. This guide includes information on how to order extra items and how to find out more about all benefits available to members.