Latest News

FASB to propose a one-year deferral of the new revenue standard
The FASB decided to propose a one-year deferral of the effective date for its new revenue standard for public and nonpublic entities reporting under US GAAP.

Boards agree to propose additional changes to revenue standard
FASB and the International Accounting Standards Board (IASB) voted to propose additional changes to the converged revenue recognition standard to address implementation concerns of financial statement preparers.

FASB plans two new proposals to simplify accounting
FASB took steps to simplify accounting in two areas when it voted to direct the board’s staff to prepare a pair of proposed Accounting Standards Updates.

New Lease Accounting May Favor IFRS Filers
When new lease accounting standards eventually take effect, companies reporting under the international rules are likely to look more profitable than those reporting under U.S. GAAP.

The IRS Has New Favorite People to Audit
If you’re scared of an audit by the IRS, there’s less to fear these days. New data show that budget cuts at the IRS mean the agency is investigating fewer wealthy taxpayers.

Change is coming: Accounting method changes under the tangible property regulations
The new tangible property regulations form a framework of rules for the capitalization of tangible property that affects the treatment of fixed asset additions and disposals

NSAC Publications

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.
    View/Download Handbook