SEC Staff Updates Guidance on Business Combinations and Consolidation

The SEC’s Office of the Chief Accountant last week published a Staff Accounting Bulletin (SAB) that updates previous guidance by removing material no longer necessary because of developments in U.S. GAAP regarding business combinations and noncontrolling interests in consolidated financial statements. FASB Statement no. 141(R), Business Combinations, and Statement no. 160, Noncontrolling Interests in Consolidated Financial Statements, both became effective this year (for fiscal years beginning on or after Dec. 15, 2008).


SAB no. 112 also clarifies the basis of accounting for purchased assets and liabilities that should be used when a substantially wholly-owned subsidiary presents separate financial statements. The SAB will be effective upon publication in the Federal Register. The SAB is available here.



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.