Financial Reporting


FASB issued an invitation to comment on Reducing Complexity in Reporting Financial Instruments. FASB is seeking input from constituents on whether there is a need for it to take on a project intended to simplify and improve standards for measuring financial instruments. The document describes how current measurement requirements cause complexity, discusses ways complexity might be reduced in the intermediate term and suggests how using a single measurement attribute such as fair value could reduce complexity.

FASB is also requesting feedback on the International Accounting Standards Board Discussion Paper, Reducing Complexity in Reporting Financial Instruments , which is included in the appendix of FASB’s invitation to comment. The IASB document presents approaches to the issue that FASB also is considering.

Responses to both documents are requested by Sept. 19. The invitation to comment is available at ITC_Financial_Instruments.pdf .

FASB voted to amend the derecognition model for financial assets in Statement no. 140, Accounting for Transfers and Servicing of Financial Assets and Extinguishment of Liabilities .

The project was added to the board’s agenda to resolve practice issues related to rollovers of beneficial interests and the permitted activities of a qualifying special purpose entity (QSPE). The board voted to remove the concept of the QSPE from Statement no. 140. As a result, the scope exemption for QSPEs will be removed from the consolidation guidance in FASB Interpretation no. 46 (revised December 2003), Consolidation of Variable Interest Entities .

The planned amendments to Statement no. 140 will be exposed for public comment. For information, visit .



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.