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

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