Accounting


For news from the AICPA and state societies, visit www.cpa2biz.com , which also offers online CPE, AICPA professional literature, practice management aids and links to state society Web sites.

FASB issues Statement no. 147, Acquisitions of Certain Financial Institutions ( www.fasb.org/news/nr100102.shtml ). It provides guidance on accounting for all such purchases, except for transactions between two or more mutual enterprises—which will be the subject of separate, upcoming FASB guidance.

To explore how adopting a principles-based approach to setting accounting standards might improve the quality and transparency of financial reporting and affect development of future standards, FASB issues a proposal ( www.fasb.org/proposals/principles-based_approach.pdf ) and seeks comments on it by January 3. Those wishing to participate in a related public roundtable discussion on December 16 should e-mail their remarks by December 2 to director@fasb.org .

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QUIZ

News quiz: Senate health care bill in the spotlight

Reports related to the Republican bill to repeal many provisions of the PPACA, other tax issues, and the giant AICPA ENGAGE Conference offered a diverse reading list for June. See how much you know about recent news with this short quiz.