Financial Reporting

Sen. Charles Schumer, D-N.Y., called on the leaders of the Big Four to ensure that their clients are aware of SEC and FASB guidance on Statement no. 140 relating to modifications of subprime loans at risk of default.

In a letter to Barry Salzberg of Deloitte & Touche USA LLP, James Turley of Ernst & Young LLP, Timothy Flynn of KPMG LLP and Dennis Nally of PricewaterhouseCoopers LLP, Schumer wrote that one potential obstacle to refinancing or modifying at-risk subprime loans is a concern that such a move might require companies to stop using off-balance-sheet treatment for their securitized mortgage assets, putting them at risk of violating capital and other requirements. FASB and the SEC have concluded that off-balance-sheet treatment could continue in such cases.

Schumer, a member of the Senate banking and finance committees, called on the Big Four leaders to inform their clients of the guidance. “I am concerned that many of the investors holding securitized mortgage assets are continuing to cite FAS 140 as a reason to avoid loan modifications and refinancings,” he wrote.


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.