For news from the AICPA and state societies, visit , which also offers online CPE, AICPA professional literature, practice management aids and links to state society Web sites.
FASB issues Statement no. 150, Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity (available for download at ), to improve the accuracy of securities issuers’ accounting for such financial instruments. Earlier guidance allowed companies to classify as equity instruments possessing debt-like attributes. But the new statement—effective for financial instruments entered into or modified after May 31—establishes standards requiring financial reports to present such items as liabilities. For earlier transactions, it takes effect at the start of the first interim period beginning after June 15. Nonpublic entities’ mandatorily redeemable financial instruments, however, are subject to the new provisions in the fiscal period beginning after December 15. Printed copies of the statement are available for $14.50 each from FASB at 800-748-0659.

The Securities and Exchange Commission releases Staff Accounting Bulletin (SAB) no. 103, Update of Codification of Staff Accounting Bulletins, after comprehensively removing obsolete material for the first time in more than 20 years ( ). In doing so, the commission laid the groundwork for its plan to eventually make the entire collection of SABs available on the SEC Web site.


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.


News quiz: Retirement planning, tax practice, and fraud risk

Recent reports focused on a survey that gauges the worries about retirement among CPA financial planners’ clients, a suit that affects tax practitioners, and a guide that offers advice on fraud risk. See how much you know with this short quiz.


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.