The Financial Accounting Standards Advisory Board issues Implementation Guide to the Statement of Financing in Statement of Federal Financial Accounting Standards No. 7, Accounting for Revenue and Other Financing Sources and Concepts for Reconciling Budgetary and Financial Accounting ( ). It illustrates concepts underlying the statement of financing, in which federal agencies explain the difference between the budgetary accounting system’s net obligations and the proprietary accounting system’s net cost of operations.

Illinois CPA Society President and CEO Martin Rosenberg, CPA, retires after 24 years in office. From 1968 to 1976 Rosenberg held various AICPA management positions in the areas of examinations and education, state society relations and in professional ethics, where he helped develop and implement the profession’s national joint ethics enforcement plan.

The Association of Certified Fraud Examiners names Toby J.F. Bishop, CPA, CFE, its president and chief executive officer. Previously, Bishop headed Andersen’s fraud research and development division.


6 key areas of change for accountants and auditors

New accounting standards on revenue recognition, leases, and credit losses present implementation challenges. This independently-written report identifies the hurdles that accounting professionals face and provides tips for overcoming the challenges.


How tax reform will impact individual taxpayers

Amy Wang, a CPA who is a senior technical manager for tax advocacy at the AICPA, answers to some of the most common questions on how the new tax reform law will impact individual taxpayers.