Accounting


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To increase efficiency the Financial Accounting Foundation, which oversees and funds the Financial Accounting Standards Board, changes FASB’s voting requirement to a simple majority of four board members from a supermajority of five ( www.fasb.org/news/nr042402b.shtml ). After considering comment letters on related proposals made in March, FAF trustees decide to retain the seven-member board at its present size and take no action to shorten the exposure periods for draft standards, which typically vary with project requirements.

To update and clarify current accounting literature, FASB issues Statement no. 145, Rescission of FASB Statements no. 4, 44, and 64, Amendment of FASB Statement no. 13, and Technical Corrections ( www.fasb.org/news/nr043002.shtml ). The statement provides to the secondary lending market a fresh analysis of accounting for gains and losses related to debt extinguishment, a risk management technique lenders use on a day-to-day basis.

A FASB exposure draft, Amendment of Statement 133 on Derivative Instruments and Hedging Activities, clarifies the definition of a derivative and addresses accounting for beneficial interests in securitized credit card receivables and similarly structured financial assets ( www.fasb.org/news/nr050102.shtml ). FASB issued the ED to help reporting entities determine whether a given financial contract—option-based or not—is truly a derivative, as discussed in paragraph 6(b) of Statement no. 133. Comments are due July 1.

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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: Economy and health care changes top CPAs’ list

CPA decision-makers’ economic outlook and the House Republicans’ proposed tax changes as part of replacing the Patient Protection and Affordable Care Act received attention recently. See how much you know with this short quiz.