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September 1, 2015
KFMA Newsletters
Mark Wood
How many have heard of the Farm Financial Standards Council?
What influence could this group have on your operation?
Can you benefit from the work of “the council”?
I have heard of the Farm Financial Standards Council (FFSC) over the years while participating with fellow agricultural
economists in National Farm Business Analysis meetings. I have not taken specific interest in FFSC until this summer. I
decided to attend the 2015 summer conference in Kennewick, WA this late July to learn more…..
A bit of history:
The Farm Financial Standards Council was established January, 1989 as a result of the farm crisis of the 1980s. The
desire of FFSC was and still is “dedicated to helping farmers by promoting uniform financial reporting and analysis in the
agriculture industry.” The members of the FFSC are predominantly accountants and bankers. One of the reasons I am
interested in participating with the FFSC is to encourage an ag economist perspective to the activities of the council.
There are Farm Business Analysis representatives from Kansas, Illinois and Kentucky currently on the membership, but
we are few.
http://www.agmanager.info/kfma/ September 2015 E‐newsletter 6
What they do:
Most of the activities of FFSC are focused on maintaining their financial guidelines. Two publications encompass the
guidelines. The first is “2015 Financial Guidelines for Agriculture, Standard”. This represents the more traditional
accounting the majority of bankers and farmers are likely to follow. The Kansas Farm Management Association system is
in agreement with nearly all of this publication. The second publication is “Management Accounting Guidelines for
Agriculture, Standard”. This represents a more advanced “real time” accounting that incorporates what I consider a full
accrual approach to farm records.
What is their influence over organizations like KFMA?
The Kansas Farm Management Association System incorporates traditional cash records with accrual adjustments at the
interval of the analysis processing. KFMA does have the capabilities within our analysis program to provide annual,
quarterly, and monthly processing of whole farm and enterprise analysis on an accrual basis. The process of dissecting a
farm’s records to accomplish monthly analysis is difficult and time‐consuming such that few KFMA members request this
service. Given that larger and more complex operations are becoming common in agriculture, the interest in more
frequent analysis may increase.
One example of the conference focus:
Part of the FFSC Summer conference was to discuss ways to “get the message out” for the council. In other words,
getting the useful information on agriculture finances to the public. The marketing committee discussed increased use
of blogs. The current president …
December 31, 2024
Ag Law Issues
Agricultural Law and Taxation Blog, by Roger McEowen: https://lawprofessors.typepad.com/agriculturallaw … permission from the Law Professor Blog Network
The Fifth …
March 25, 2022
Ag Law Issues
Agricultural Law and Taxation Blog, by Roger McEowen: https://lawprofessors.typepad.com/agriculturallaw … permission from the Law Professor Blog Network
Overview
Last … Earlier this month I devoted a blog article to the itinerary …
June 8, 2022
Grain Marketing Presentations
– Extension Ag Economist
Blog: www.ksugrains.wordpress.com
KSUGrains …
March 31, 2021
Ag Law Issues
Agricultural Law and Taxation Blog, by Roger McEowen: https://lawprofessors.typepad.com/agriculturallaw … permission from the Law Professor Blog Network
Summer conferences …
September 2, 2022
Ag Law Issues
Agricultural Law and Taxation Blog, by Roger McEowen: https://lawprofessors.typepad.com/agriculturallaw … permission from the Law Professor Blog Network
Washburn University …
April 30, 2024
Ag Law Issues
Agricultural Law and Taxation Blog, by Roger McEowen: https://lawprofessors.typepad.com/agriculturallaw … permission from the Law Professor Blog Network
Registration …
March 4, 2025
Ag Law Issues
Agricultural Law and Taxation Blog, by Roger McEowen: https://lawprofessors.typepad.com/agriculturallaw … permission from the Law Professor Blog Network
On Sunday, March …
November 15, 2012
Risk Management Strategies
4Farm Gate Blog.com, “Crop Insurance: Irony … Taxpayers”, The Equation - a blog on
Independent Science … billion.” Link:
http://blog.ucsusa.org/the-enormous-costs-of-the-2012-drought-to-american-
farmers-and-taxpayers …
September 3, 2020
Grain Marketing Presentations
– Extension Ag Economist
Blog: www.ksugrains.wordpress.com
KSUGrains …