A proposed statement from GASB would require permanent and term endowments, including permanent funds, to report the fair value of land and other real estate held as investments and the changes in that fair value as investment income. The new standard also would require disclosure of methods and significant assumptions used in determining fair value, as well as other information the entities currently disclose for other investments reported at fair value.

Current accounting standards require endowments to report those investments at historical cost, although other entities that exist for the purpose of generating income—such as pension plans—report them at fair value.

The proposal, titled Land and Other Real Estate Held as Investments by Endowments, would be effective for financial statement periods beginning after June 15, 2008. The exposure draft is available at . Comments are due June 29.


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.


News quiz: Retirement planning, tax practice, and fraud risk

Recent reports focused on a survey that gauges the worries about retirement among CPA financial planners’ clients, a suit that affects tax practitioners, and a guide that offers advice on fraud risk. See how much you know with this short quiz.


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.