New nonauthoritative guidance related to management representations, EBP accounting

New Technical Questions and Answers (TPAs) have been issued and are available on the AICPA website to provide nonauthoritative guidance.

TPAs 6931.18–.30 address the effect of FASB Accounting Standards Update No. 2013-07, Presentation of Financial Statements (Topic 205): Liquidation Basis of Accounting, on the accounting for primarily single-employer, defined benefit pension and defined contribution retirement plans. The guidance was developed by the AICPA Employee Benefit Plans Expert Panel, and readers are encouraged to review these TPAs as a collective set of guidance.

TPA 8900.11, “Management Representations Regarding Prior Periods Presented That Were Audited by Predecessor Auditor,” addresses situations when the prior-period statements were audited by a predecessor auditor whose report on the prior period’s financial statements is not reissued.

Under these circumstances, the auditor is not required to obtain a representation letter covering the prior-period financial statements because the auditor is not opining on the prior year when making reference to the prior period that was audited by a predecessor auditor. The TPA also discusses when additional representations may be necessary in the current year’s letter.


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.