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

Revenue recognition: A complex effort

Implementing the new standard requires careful judgment. Learn how to make significant accounting judgments and document them and collaborate with peers for consistent application.

TECHNOLOGY Q&A

How to create maps in Excel 2016

Microsoft Excel 2016 has two new mapping capabilities. J. Carlton Collins, CPA, demonstrates how to make masterful 2D and 3D maps in Excel 2016.

QUIZ

News quiz: Economy and health care changes top CPAs’ list

CPA decision-makers’ economic outlook and the House Republicans’ proposed tax changes as part of replacing the Patient Protection and Affordable Care Act received attention recently. See how much you know with this short quiz.