Accounting


For news from the AICPA and state societies, visit www.cpa2biz.com , which also offers online CPE, AICPA professional literature, practice management aids and links to state society Web sites.

FASB issues Statement no. 147, Acquisitions of Certain Financial Institutions ( www.fasb.org/news/nr100102.shtml ). 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 ( www.fasb.org/proposals/principles-based_approach.pdf ) 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 director@fasb.org .

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2019 State of Financial Reporting Survey

We surveyed nearly 600 finance and accounting professionals on their month-end close and reporting processes. See the results.

VIDEO

What RPA is and how it works

Robotic process automation is like an Excel macro that can work on multiple applications, says Danielle Supkis Cheek, CPA. RPA can complete routine, repetitive tasks such as data entry, freeing up employee time from lower-level chores.