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FASB issues Statement no. 144, Accounting for the Impairment or Disposal of Long-Lived Assets, which replaces no. 121—an earlier pronouncement on this topic. The new statement establishes a single accounting model for long-lived assets to be disposed of by sale. Under its provisions, which apply to both continuing and discontinued operations, companies must measure long-lived assets at the lower of fair value—minus cost to sell—or the carrying amount. As a result, they should no longer report discontinued operations at net realizable value or include in them operating losses that have not yet occurred.

Statement no. 144 is effective for financial statements issued for fiscal years beginning after December 15, 2001. FASB encourages early implementation. ( )


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.