FYI


The AICPA publishes a document, Accounting and Auditing for Related Parties and Related Party Transactions, which it describes as a free “tool kit.” It gives CPAs an overview of selected authoritative literature, SEC requirements, best-practice guidance and illustrative checklists. ( http://ftp.aicpa.org/public/download/news/relpty_toolkit.doc )

GASB issues an implementation guide to Statement no. 34, Basic Financial Statements—and Management’s Discussion and Analysis—for State and Local Governments (product code: GQA34B). Interested parties can order it through the GASB Web site. ( http://stores.yahoo.com/gasbpubs/publications-implementation-guides.html )

The Institute’s accounting standards staff releases technical practice aids (TPAs) to help private (non-SEC-registered) investment companies implement certain provisions of the AICPA audit and accounting guide, Audits of Investment Companies, especially those relating to disclosure of financial statement highlights. The next update of the AICPA publication Technical Practice Aids will contain the TPAs, which will be available from the AICPA at 888-777-7077. ( www.aicpa.org/members/div/acctstd/general/private.htm )

As part of the computerization of the CPA examination, the AICPA is recruiting volunteers willing to help revise the examination’s content and assessment of skills. To qualify, interested CPAs must either supervise or be familiar with the skills required of entry-level CPAs. More information is available by phone at 609-671-2911 or by e-mail at rdevore@aicpa.org .

The American Accounting Association’s public interest section presented its Exemplar Award to Eli Mason, CPA, for his contributions to professionalism and the ethical practice of accounting. ( http://accounting.rutgers.edu/raw/aaa/pi/newsletr/fall01/item03.htm )

Correction

An item in the January News Digest ( www.aicpa.org/pubs/jofa/ jan2002/news1.htm#n9 ) incorrectly identified Edward J. Mazur, CPA, as GASB’s chairman. Tom L. Allen, CPA, is chairman and has served in that position since 1995. On July 1, Mr. Mazur will begin his second consecutive five-year term as a board member.

SPONSORED REPORT

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.

QUIZ

News quiz: IRS warning on cyberattacks and a change in pension rules

Once again, the IRS sounds the alarm about a threat from cyberthieves. See how much you know about this and other recent news with this short quiz.

CHECKLIST

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.