The straight line

In July 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update ASU 2015-11 – Simplifying the Measurement of Inventory as part of the Board’s Simplification Initiative. Under previous guidance, an entity subsequently measures inventory at the lower of cost or market; market being defined as replacement cost. Under ASU 2015-11, inventory is measured...

Over the last two years almost all you have had a study done to determine how much research and development (R&D) tax credits your cooperative could claim. Working with the Alliant Group, we have been able to amend returns to claim the credits, use the credits on the current tax returns, or carry the credits...

In November of 2017 CHS reported a net income of $127.9 million for the fiscal year ended August 31, 2017, compared to net income of 424.2 million reported in fiscal year 2016. Furthermore, CHS experienced a loss before income taxes of $54.8 million compared to before tax income reported of $419.9 million in fiscal year...

Thank you to those who were able to attend our hospitality room in Minneapolis on December 7th during the CHS Annual Meeting. We have had the pleasure of hosting a hospitality room during this annual event for many years now and were very pleased with the turn out this year! We enjoyed spending time with...

What We Have Seen in 2017 Credit unions have seen their profitability continue to stabilize in 2017 when compared to 2012. Through the first six months of 2017, credit unions have maintained a return on assets of 0.76% which is almost what it was a year ago. For the first half of 2017 the interest...

What We Have Seen in 2017 Governmental entities are implementing Governmental Accounting Standards Board Statement No. 77, Tax Abatement Disclosures, (GASB 77) for the fiscal year ended June 30, 2017. This statement is being implemented to ensure that the following requirements are met – Financial Statements should include: information about whether current year revenues were...