More About Standards


I agree with the assessment of the letter writer regarding the FASB (“Agrees with Need for Change,” JofA, Sept.00, page 14). Some of the pronouncements are prime material for the repertoire of the Theatre of the Absurd.

However, I do not believe the AICPA should be allowed to participate in the standard-setting process. This organization is engrossed in its own survival and expansion. Minimal lip service is paid to what once was the accounting profession. Read or re-read the published materials supporting what is called the “Vision.” Some people may favor calling this vision a nightmare.

I suggest that each member of the FASB should be required to read at least once a year the book, “Making Accounting Policy,” by David Solomons.

Delmer P. Hylton
Emeritus Professor of Accountancy
Wake Forest University
Winston-Salem, North Carolina


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.