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

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.

QUIZ

News quiz: IRS warning on cyberattacks and a change in pension rules

Once again, the IRS sounds the alarm about a threat from cyberthieves. See how much you know about this and other recent news with this short quiz.

CHECKLIST

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.