The ASB issues Statement on Auditing Standards no. 101, Auditing Fair Value Measurements and Disclosures. It addresses audit considerations relating to the measurement and disclosure of assets, liabilities and specific components of equity presented or disclosed at fair value in financial statements. The SAS is effective for audits of financial statements for periods beginning on or after June 15, 2003, although the board permits earlier application. Copies of the SAS (product no. 060703) can be ordered from the AICPA at 888-777-7077.

The Institute’s audit and attest standards team releases nonauthoritative guidance in the form of a free tool kit, Auditing Fair Value Measurements and Disclosures. It includes practical recommendations, illustrative audit programs and disclosure checklists to help auditors understand and apply statements on auditing standards when auditing fair value measurements and disclosures relating to business combinations, goodwill and certain impairment situations. The tool kit can be downloaded from the AICPA Web site at .


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.