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The AICPA accounting standards executive committee (AcSEC) issues Statement of Position (SOP) 03-3, Accounting for Certain Loans or Debt Securities Acquired in a Transfer ( ). It addresses accounting for differences between contractual cash flows and cash flows expected to be collected from an investment in loans or debt securities acquired in a transfer. The SOP applies to deteriorated loans acquired in transfers, including business combinations, and to all nongovernmental entities, including not-for-profit organizations, but not to loans the entity itself originates or to higher quality purchased loans. The statement contains a transition provision that applies to certain aspects of loans currently within the scope of Practice Bulletin no. 6, Amortization of Discounts on Certain Acquired Loans. The SOP is effective for loans acquired in fiscal years beginning after December 15, 2004, with early adoption encouraged. Copies of the statement (product no. 014938JA) are available in the accounting and auditing literature section of or by phone at 888-777-7077.

The Securities and Exchange Commission releases Staff Accounting Bulletin (SAB) no. 104, Revenue Recognition ( ), which updates portions of the interpretative guidance included in topic 13 of the SEC’s codification of staff accounting bulletins ( ) to make it consistent with current authoritative accounting guidance. The SAB’s principal revisions relate to the rescission of material no longer necessary because of private-sector developments in U.S. GAAP.

The AICPA’s accounting and review services committee has issued two exposure drafts (ED) for comment. One, Performance of Review Engagements , would revise various provisions in Statement on Standards for Accounting and Review Services (SSARS) no. 1, Compilation and Review of Financial Statements. The proposed statement would be effective for reviews of financial statements for periods ending on or after December 15, 2004. The other ED, Standards for Accounting and Review Services , establishes a SSARS hierarchy and revises guidance in several earlier statements. It would take effect upon issuance as final. The EDs are available online at eds.asp. Comments are due April 11.


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.