Another View


The letter, “A Historical Look at Standards” ( JofA, Oct.00, page 16) , supports retention of the “traditional theory of matching costs with related revenues, using an historic cost basis” and rejection of a “fair-value-based, balance-sheet-oriented system.” It implies that a continuing focus on matching costs might have prevented some cases of “managed earnings.”

That implication is not supported by analysis of instances of managed earnings. The common characteristic of such cases is that the matching controls have been violated. Those controls derive from the balance sheet, quite apart from whether measurement should be based on historic cost or fair value.

Oscar S. Gellein
Golden, Colorado


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.