Accounting


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The AICPA Accounting and Review Services Committee issued a revised illustrative representation letter for review engagements ( www.aicpa.org/members/div/auditstd/revision_of_appendix_f.htm ). The revisions clarify the dating of the letter, as well as certain terms it contains and the period it addresses. Additional material includes representations required by Statement on Standards for Accounting and Review Services no. 10, Performance of Review Engagements, concerning fraud and a representation addressing the client’s acceptance of any proposed adjusting journal entries.

The AICPA staff, helped by industry experts, released technical questions and answers on financial accounting and reporting issues related to Statement of Position (SOP) 03-1, Accounting and Reporting by Insurance Enterprises for Certain Nontraditional Long-Duration Contracts and for Separate Accounts. The guidance is available online ( www.aicpa.org/members/div/acctstd/general/recent_tpas.asp ) and in Technical Practice Aids, copies of which are available through the AICPA order department at 888-777-7077.

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How the election may affect taxation of business income

This report summarizes recent proposals to reform the U.S. business income tax system and considers the path to enactment of any such legislation.

VIDEO

How to Excel pivot a general ledger

The general ledger is a vast historical data archive of your company's financial activities, including revenue, expenses, adjustments, and account balances. J. Carlton Collins, CPA, shows how to prepare data for, and mine data with, PivotTables.

QUIZ

Did you follow 2016’s biggest accounting news?

CPAs will remember 2016 as a year of new standards and new faces. How well did you follow the biggest accounting events? The 7 questions in this quiz will help you find out