The PCAOB issued Staff Audit Practice Alert no. 4 to describe potential implications of three FASB Staff Positions on reviews of interim financial information and annual audits. The FSPs relate to fair value measurement and other-than-temporary impairment. They are:

  • FSP FAS 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly
  • FSP FAS 115-2 and FAS 124-2, Recognition and Presentation of Other-Than-Temporary Impairments
  • FSP FAS 107-1 and APB 28-1, Interim Disclosures about Fair Value of Financial Instruments


The PCAOB alert, available here, discusses reviews of interim financial information; audits of financial statements, including integrated audits; disclosures; and auditor reporting considerations.



  The U.S. Small Business Administration issued a temporary alternate size standard that it says should give 70,000 more small businesses access to the agency’s largest lending program. The temporary standard for the SBA’s 7(a) loan program will remain in effect until Sept. 30, 2010.


The temporary 7(a) size standard allows businesses to qualify based on net worth and average income. To qualify, a company and its affiliates’ net worth cannot exceed $8.5 million, and average net income after federal income taxes for the two most recently completed fiscal years cannot exceed $3 million. The alternate size standard is published in the Federal Register as an interim final rule. This change is in addition to provisions of the American Recovery and Reinvestment Act of 2009 (Recovery Act), which raised the guarantee on 7(a) loans to 90% and reduced borrowing fees.


More information about the SBA’s 7(a) loan program is available at www.sba.gov. Information and resources related to small business provisions of the Recovery Act are available at www.sba.gov/recovery.



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.