Accounting


 

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FASB issues as final five staff positions on Interpretation no. 46, Consolidation of Variable Interest Entities ( www.fasb.org/fasb_staff_positions/final_fsp.shtml ). The guidance addresses the interpretation’s applicability to organizations subject to the AICPA Audit and Accounting Guide, Health Care Organizations: Checklist and Illustrative Financial Statement, and the treatment of variable interests in specified assets of a variable interest entity. It also discusses transition requirements for applying the interpretation and calculating expected losses.

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FEATURE

Tackling TCJA changes this tax season

Return preparers must be ready for how the Tax Cuts and Jobs Act has modified many common features of individual and business returns.