Accounting


The AICPA issued a set of technical practice aid questions and answers (TPAs 6910.16–.20) on presentation and disclosure issues facing nonregistered investment partnerships. Another set (TPAs 2130.09–.35) answers questions related to implementing Statement of Position (SOP) 03-3, Accounting for Certain Loans or Debt Securities Acquired in a Transfer. The TPAs are available at www.aicpa.org/members/div/acctstd/general/recent_tpas.asp .

The AICPA Investment Companies Expert Panel developed a revised illustrative report required by the SEC under Form N-SAR that incorporates changes in the definition of material weakness described in PCAOB Auditing Standard no. 2, An Audit of Internal Control Over Financial Reporting Performed in Conjunction With an Audit of Financial Statements. The report replaces the version in paragraph 11.16 of the AICPA Audit and Accounting Guide, Investment Companies. It is available at www.aicpa.org/members/div/acctstd/expertpanel_investco.asp .

The IRS issued guidance on how taxpayers can seek permission to change their method of accounting for taxable years ending on or after December 31, 2005, or for certain other periods ( www.irs.gov/pub/irs-drop/rp-06-12.pdf ).

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.