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FASB issues Statement no. 147, Acquisitions of Certain Financial Institutions ( ). It provides guidance on accounting for all such purchases, except for transactions between two or more mutual enterprises—which will be the subject of separate, upcoming FASB guidance.

To explore how adopting a principles-based approach to setting accounting standards might improve the quality and transparency of financial reporting and affect development of future standards, FASB issues a proposal ( ) and seeks comments on it by January 3. Those wishing to participate in a related public roundtable discussion on December 16 should e-mail their remarks by December 2 to .


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.