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Leases: A portfolio approach
Shifting application from an individual lease to a portfolio level offers practicality and cost minimization for companies adopting FASB’s new lease accounting standard. Here are tips for applying...
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IRS Issues HSA Contribution Limits for 2019
The IRS issued the calendar year 2019 inflation-adjusted figures for the annual contribution limits for health savings accounts (HSAs) and the minimum deductible amounts and maximum out-of-pocket...
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IRS Offers Automatic Method to Change Accounting for New Revenue Recognition Standard
The Internal Revenue Service has released a new revenue procedure that provides a new automatic way that companies can use when changing their accounting method to conform to the Financial Accounting...
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Companies Foresee Major Impact from Lease Accounting Standard
More than three-quarters of the top 100 U.S. companies with the biggest lease obligations expect to see a material impact on their balance sheet from the new lease accounting standard, according to a...
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Understanding the New Sec. 199A Business Income Deduction
Understanding the New Sec. 199A Business Income Deduction  Sec. 199A allows taxpayers other than corporations a deduction of 20% of qualified business income earned in a qualified trade or...
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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