Concurrent Session
AG2210. Update from the Farm Financial Standards Council
An overview of the latest work done by the Farm Financial Standards Council (FFSC). The topics covered include:
- Deferred taxes, how to calculate them along with a discussion on depreciation approaches. As well as how deferred taxes impact the value of farm assets including farmland and how this effects buy sell agreements and estate planning.
- 13 new financial ratios. After more than three years of in-depth analysis and discussions the recommended financial measures has been reduced from 21 to 13.
- Financial Guidelines for Agriculture: An Implementation Guide for Non-Accountants. This 23 page document has been updated for consistency with the Financial Guidelines. Tables and other graphics have been improved to give it a more modern look.
Learning Objectives:
- Identify the 13 financial measurements recommended by the Farm Financial Standards Council
- Indicate how deferred taxes on farmland impact the balance sheet
- Recognize the changes to the Financial Guidelines for Agriculture Implementation Guide
Date/Time
–
CPE Credits
1.0
NASBA Field of Study
Accounting
Level
Overview
Advanced Preparation
None