Accounting


The AICPA Accounting Standards Executive Committee (AcSEC) issued Statement of Position (SOP) 04-2, Accounting for Real Estate Time-Sharing Transactions , to address diversity in practice caused by a lack of guidance specific to real estate time-sharing transactions. Concurrently the Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards no. 152, Accounting for Real Estate Time-Sharing Transactions—an amendment of FASB Statements No. 66 and 67 , which includes amendments to FASB pronouncements being made in conjunction with issuance of the SOP, which is effective for financial statements issued for fiscal years beginning after June 15, 2005, with earlier application encouraged. The SOP is available separately (product no. 014942JA) or through a Technical Practice Aids subscription (product no. WTP-XXJA) from the AICPA order department at 888-777-7077 or online at www.cpa2biz.com .

The SEC released Staff Accounting Bulletin (SAB) no. 106, Interaction of Statement no. 143 and the Full-Cost Rules , on the application of the FASB statement, Accounting for Asset Retirement Obligations , by oil- and gas-producing companies that follow the full-cost accounting method ( www.sec.gov/interps/account/sab106.htm ).

The Financial Accounting Standards Advisory Council (FASAC) announced the results of its 2004 annual survey ( www.fasb.org/fasac/results2004.pdf ), which asked council and FASB members to rank current board projects according to their priority. Respondents chose revenue recognition, fair value and financial performance reporting as the topics most worthy of FASB’s attention.

SPONSORED REPORT

Revenue recognition: A complex effort

Implementing the new standard requires careful judgment. Learn how to make significant accounting judgments and document them and collaborate with peers for consistent application.

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: Economy and health care changes top CPAs’ list

CPA decision-makers’ economic outlook and the House Republicans’ proposed tax changes as part of replacing the Patient Protection and Affordable Care Act received attention recently. See how much you know with this short quiz.