Accounting


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The AICPA accounting and review services committee (ARSC) issues three interpretations of AR section 100, “Compilation and Review of Financial Statements.” They are no. 8, “Reports on Specified Elements, Accounts, or Items of a Financial Statement— Revised ”; no. 24, “Reference to the Country of Origin in a Review or Compilation Report”; and no. 25, “Omission of the Display of Comprehensive Income in a Compilation.” The committee encourages implementation of the interpretations ( www.aicpa.org/download/members/ ) as soon as practicable.

FASB defers implementation of Interpretation no. 46, “Consolidation of Variable Interest Entities” ( www.aicpa.org/pubs/jofa/apr2003/news.htm#financial ) and releases an exposure draft (ED) of a clarification ( www.fasb.org/draft/ed_prop_interp_vie.pdf ) of its requirements. The deferral applies only to such entities created before February 1, 2003, and gives companies and their auditors more time to determine which ones to include in their consolidated financial statements. Companies must complete their evaluations and consolidate—for the first reporting period ending after December 15—those variable interest entities of which they are the primary beneficiary. Calendar-year companies must include such consolidations in their December 31 financial statements ( www.fasb.org/news/nr100903.shtml ). The board issued the ED in response to constituents’ concerns about implementation requirements; its provisions would apply at the same time as those of the interpretation. Comments are due by December 1.

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.