Accounting


For news from the AICPA and state societies, visit www.cpa2biz.com , which also offers online CPE, AICPA professional literature, practice management aids and links to state society Web sites.
 
FASB issues four staff positions (FSPs) addressing FASB Statement no. 150, Accounting for Certain Financial Instruments with Characteristics of Both Liabilities and Equity. One, FSP no. 150-3 ( www.fasb.org/fasb_staff_positions ), contains information for nonpublic entities with certain stock buyback agreements with their major stockholders. The staff position defers indefinitely the effective date of the mandatory redemption provisions of statement no. 150 and all related FSPs, including FSP no. 150-2, for nonpublic entities if the redemption date either is not fixed or if the payout amount is variable and not based on an index.

The Financial Accounting Standards Advisory Council (FASAC) releases the findings of its 2003 annual survey ( www.fasb.org/fasac/results2003.pdf ). Among the 27 council members, 7 FASB members and 9 others who participated in the survey, revenue recognition was the issue most often mentioned as warranting FASB’s immediate attention. Other topics of concern included pension accounting, fair value, international convergence and changes related to the Sarbanes-Oxley Act of 2002.

SPONSORED REPORT

Keeping client information safe in an age of scams and security threats

A look at the Dirty Dozen tax scams and ways to protect taxpayer information.

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: IRS enforcement, a hot job, and audit value

The IRS’s 2016 Data Book, a “hot job” of particular interest at this time of year, and insight into how executive and audit committees view the insights from financial statement audits received attention recently. See how much you know with this short quiz.