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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