Although there is no evidence banks are abusing “special purpose entities” to inappropriately move liabilities off their balance sheets, Mark W. Olson, a Federal Reserve Board governor, says the Fed is working with banking regulators to prevent such practices. According to Olson, when financial institutions retain substantive risks associated with assets they’ve moved to special purpose vehicles, banking regulations require them to consolidate those assets in publicly available GAAP-compliant financial statements. He added that the Fed retains—and has exercised—the right to apply its own rigorous interpretation of GAAP to such statements to ensure their accuracy. ( )


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.