Professional Issues


FASB Names New Member

The Financial Accounting Foundation has appointed Edward W. Trott to a five-year term as a member of FASB. Trott, a partner of KPMG, replaces Joseph V. Anania, who completes his term at the end of this month.

Trott has headed the accounting group of KPMG's department of professional practice in New York since 1992. He joined the firm in 1968. Currently a member of FASB's emerging issues task force, Trott was a member of the AICPA accounting standards executive committee from 1992 through 1994. He chaired AcSEC's environmental accounting task force, which developed SOP 96-1, Environmental Remediation Liabilities .

Trott will assume his new responsibilities at FASB on July 1.


Vice-Chairwoman Nominee From Local Practice

The AICPA has nominated Kathy G. Eddy as the Institute's vice-chairwoman for 1999-2000. She will take office in October at the Institute's annual meeting in Seattle when mem bers will elect the slate of officers headed by Robert K. Elliott, as chairman of the AICPA board of directors.

Eddy's position on next year's ballot will make her the second woman to chair the AICPA board, following Olivia F. Kirtley, who is the 1998-99 board chairwoman. A member of the AICPA council, Eddy recently completed a three-year term on the board of directors. She was a member of both the AICPA special committee on regulation and structure of the profession and the joint AICPA/NASBA committee on regulation of the profession, which drafted the most recent language for the Uniform Accountancy Act. She currently cochairs the national steering committee for the regulation of the profession, which is charged with assisting states in implementing the UAA.

Eddy is a shareholder in McDonough, Eddy, Parsons and Baylous, A.C., in Parkersburg, West Virginia. A CPA since 1978, she has spent her entire career in public accounting. She is a past president of both the West Virginia Society of CPAs and the state board of accountancy.

Speaking of her nomination, Eddy said "It's a dynamic time in the profession. With so many changes coming about, I'm pleased with the incredible opportunity I have to become part of the leadership."



Year-end tax planning and what’s new for 2016

Practitioners need to consider several tax planning opportunities to review with their clients before the end of the year. This report offers strategies for individuals and businesses, as well as recent federal tax law changes affecting this year’s tax returns.


News quiz: Retirement planning, tax practice, and fraud risk

Recent reports focused on a survey that gauges the worries about retirement among CPA financial planners’ clients, a suit that affects tax practitioners, and a guide that offers advice on fraud risk. See how much you know with this short quiz.


Bolster your data defenses

As you weather the dog days of summer, it’s a good time to make sure your cybersecurity structure can stand up to the heat of external and internal threats. Here are six steps to help shore up your systems.