New TPAs address changes to reports arising from PCC VIE alternative


New nonauthoritative guidance issued by the AICPA addresses changes to accountants’ or auditors’ reports when a client adopts a new Private Company Council (PCC) alternative that results in a change to a previously issued report.

Private company clients can elect not to apply variable-interest entity guidance to certain common-control leasing arrangements as a result of the new alternative, issued in March as Accounting Standards Update No. 2014-07, Consolidation (Topic 810): Applying Variable Interest Entities Guidance to Common Control Leasing Arrangements.

Modifications to accountants’ compilation or review reports and auditors’ reports are described when a client adopts a PCC alternative that results in a change to a previously issued report. AICPA Technical Questions and Answers (TPAs) 9150.34 and 9160.30 provide nonauthoritative guidance regarding these modifications.

SPONSORED REPORT

Get the career toolkit

Download this sponsored report for four must-read articles showcasing tips and best practices for employers and employees.

DOWNLOAD

Filing season quick guide — Tax year 2014

Tax season started Jan. 20. Download our “quick guide,” a printable card that contains dollar thresholds, tax tables, standard amounts, credits, and deductions to keep at your fingertips during tax season.

TAX NEWS

Expired tax provisions extended for 2014

President Barack Obama signed legislation that retroactively extended more than 50 expired tax provisions for 2014, allowing taxpayers to take advantage of a host of tax incentives during this filing season.