Financial Reporting


AICPA Board Chairman James G. Castellano testified in February before the House Energy and Commerce Committee in support of accounting, auditing and financial reporting reforms. He called for a modernized financial reporting model, more frequent reporting, revised accounting rules for special purpose entities, a new auditing standard enabling auditors to better detect financial statement fraud and a requirement that companies’ management ensure and testify to the effectiveness of their internal control systems, with subsequent auditor reporting on the effectiveness of management’s assertion. ( http://ftp.aicpa.org/public/download/news/stmt_jgc_021402.pdf )

FASB Chairman Edmund L. Jenkins, who testified before the same House committee, said in the second quarter the board will propose guidance on consolidated reporting for special purpose entities.

SPONSORED REPORT

Keeping client information safe in an age of scams and security threats

A look at the Dirty Dozen tax scams and ways to protect taxpayer information.

TECHNOLOGY Q&A

How to create maps in Excel 2016

Microsoft Excel 2016 has two new mapping capabilities. J. Carlton Collins, CPA, demonstrates how to make masterful 2D and 3D maps in Excel 2016.

QUIZ

News quiz: IRS enforcement, a hot job, and audit value

The IRS’s 2016 Data Book, a “hot job” of particular interest at this time of year, and insight into how executive and audit committees view the insights from financial statement audits received attention recently. See how much you know with this short quiz.