Wisconsin Ag Connection - Standards Council Releases Updated Financial Guidelines for Ag

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Standards Council Releases Updated Financial Guidelines for Ag
Wisconsin Ag Connection - 01/23/2019

An updated version of the Financial Guidelines for Agriculture has been released by the Farm Financial Standards Council, based in Menomonee Falls. With a January 2019 issue date, this 272-page edition replaces other versions of the document that have been in circulation since 1991. The most recent prior update was done in 2017.

"The members of the Technical Committee work very hard to keep the Guidelines relevant," says Todd Doehring of Centrec Consulting Group. "This has included changes to one of the case farms to reflecting changes in farm size, commodity yields, and prices as well as other inputs to the practical examples that make up so much of the document. In this case, we have integrated new pronouncements on Generally Accepted Accounting Practices in the treatment of deferred income taxes as well as terminology changes as market values is replaced with net realizable value with respect to inventory values."

The purpose of the Guidelines is to help produce standardized financial statements of farm and ranch operations. It is available as a downloadable pdf file at the Council's Website, www.ffsc.org.

The cost is $30 each for the Financial Guidelines for Agriculture as well as the Management Accounting Guidelines. Another document, An Implementation Guide, is available as a download at no charge. This is designed for help non-tax-oriented individuals better understand how to make the maximum use of the information in the Guidelines.

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