FASB Members Favor Convergence with IAS 1, IAS 10

FASB members favor shifting to international rules for an auditor’s evaluation of an entity’s ability to function as a going concern. The rules under U.S. GAAP would converge with the International Accounting Standards Board’s International Accounting Standard (IAS) 1, Presentation of Financial Statements, and IAS 10, Events after the Balance Sheet Date, supplemented by the disclosure requirements in Statement on Auditing Standards no. 1, Codification of Auditing Standards and Procedures, and AU section 341, The Auditor’s Consideration of an Entity’s Ability to Continue as a Going Concern.

The board also decided that the guidance should converge with IAS literature with respect to the time horizon for the going concern assessment. FASB will issue exposure drafts of the new guidance with a 60-day comment period. For information, visit www.fasb.org.


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.