Red Wing Software customer Indy Family Farms was featured in the October 2013 issue of the Center Grove Community Newsletter. So much has changed in farming over the years, as shown by this story, where the Richards family shares their story. Read the full story by clicking on the link.
Farming Still a Family Affair
Can the right accounting system help America's future?
The Right Accounting System Will Save America's Future
Many customers have spoken with Leah over the years. Leah was at Red Wing Software for five years. She left for a short time and is now back and working on the support team. Though her last name has changed, she is still the same Leah you may remember speaking with. Please join us in welcoming Leah back to Red Wing Software!
By Stephanie Elsen
The Farm Financial Standards Council (FFSC) has been working on developing recommendations for hedge transactions for agricultural operations. In January 2014, nearly 70 pages of additional content will be added to the Financial Guidelines for Agriculture. The content will provide content and examples of how to account for hedge (futures and options) transactions on financial statements for agricultural producers.
The additional content to be released contains information about two types of hedging: fair value hedges and cash flow hedges. Fair value hedges are when a producer stores grain that is valued on the balance sheet at fair market value and is readily available for sale. In this case the resulting hedging gains and losses are included in the revenue section of the income statement. Cash flow hedges occur when a producer hedges items not available for sale, including planned or growing crops or livestock. These items are valued at cost on the balance sheet, and the resulting hedging gains and losses may be excluded from the income statement and instead shown in other comprehensive income.
To learn more about the FFSC recommendations on accounting for hedging transactions, look for the new content in January of 2014 at www.ffsc.org
The FFSC was created to promote uniformity and integrity in financial reporting and analysis for farmers. Learn more about their mission and the tools they offer by visiting their Web site: www.ffsc.org