Think warm!

Since we conjured up the "faux snow" in last month's newsletter, real winter has arrived with a vengeance...so stay warm with this month's cozy newsletter.

• Farm Financial Standards updates.
• Winter trade shows on track.
• Pork Powerhouses.
• Check out the FBS Video Library.
• FBS Tips for '22. 

Financial Guidelines Document Undergoes Updates/Revisions

The Financial Guidelines for Agriculture, a reference document for those working with agricultural financial reports and records, has received an update to sections within the publication according to members of the Technical Committee of the Farm Financial Standards Council.

There are four major sections that have undergone review and revisions:

• The first is completion of the differentiation of deferred income taxes and estimated income taxes, with the former applying to earnings and the latter applying to valuation equity. By separating these two items on the market balance sheet, users can see the liabilities subtotal before and after estimated income taxes, allowing for a more accurate reflection of financial position.
  
  
• The second update involves the culmination of a nearly three-year effort to revise the recommended financial criteria and measures. The original set of Guidelines issued in 1991 included 16 financial measures. Revisions made in 2007 expanded the list to 21 financial measures.  This edition reduces the number of recommended financial measures to 13.

• The third update impacts label and terminology changes in Appendices A and B. Appendices C and D were revised based on the new recommended 13 financial measures.
  
  
• The fourth update relates to revisions in the glossary.

The Guidelines are used by individuals and professionals working at preparing financial statements for agricultural enterprises as well as measuring financial strengths and weaknesses. These users include farmers and ranchers as well as their accountants, lenders and those involved with their financial recordkeeping programs.

The document is available as a pdf download for $30 at the website for the Council, www.ffsc.org. The new Guidelines went live on January 1, 2022. A sister publication, Management Accounting Guideline for Agriculture, received an update in 2020. It is also available at the Council’s site.

Watch this video presented at the 2021 Ag Software Success Summit by Todd Doehring, past FFSC president 

Complete this management accounting survey to receive a free copy of the 2021 Management Accounting Guidelines for Agriculture.

Winter Trade Shows On Track

After a disappointing 2021 season of cancellations and "virtual" formats, the national ag trade shows are back on schedule.

Click on the show logos for details on how to find integrated software among all the hardware.

Show	Date	Location	Booth
	February 16-19	Louisville, KY	1009
	March 10-12	New Orleans, LA	4714

FBS/MASA Users in the News:  Pork Powerhouses

Congratulations to these FBS and MASA users recognized in the Successful Farming Magazine's 2021 Pork Powerhouses:

Check Out the FBS Video Library

We currently stock two dozen software training videos in our Resource Center that you can "check out" any time free of charge.

Topics range from basic accounting to software setup to field records to report generation. 

Click here to browse or watch.

Q&A: Tips for '22
Q.   What setup issues issues do I need to review for the new year?	Sarah Dixon, FBS Support Coordinator
A.  Here are some tips to make the new year easier for everybody.  Just click this link or the image below to watch.