Accounting


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The AICPA Accounting and Review Services Committee issued a revised illustrative representation letter for review engagements ( www.aicpa.org/members/div/auditstd/revision_of_appendix_f.htm ). The revisions clarify the dating of the letter, as well as certain terms it contains and the period it addresses. Additional material includes representations required by Statement on Standards for Accounting and Review Services no. 10, Performance of Review Engagements, concerning fraud and a representation addressing the client’s acceptance of any proposed adjusting journal entries.

The AICPA staff, helped by industry experts, released technical questions and answers on financial accounting and reporting issues related to Statement of Position (SOP) 03-1, Accounting and Reporting by Insurance Enterprises for Certain Nontraditional Long-Duration Contracts and for Separate Accounts. The guidance is available online ( www.aicpa.org/members/div/acctstd/general/recent_tpas.asp ) and in Technical Practice Aids, copies of which are available through the AICPA order department at 888-777-7077.

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100th ANNIVERSARY

Black CPA Centennial, 1921–2021

With 2021 marking the 100th anniversary of the first Black licensed CPA in the United States, a yearlong campaign kicked off to recognize the nation’s Black CPAs and encourage greater progress in diversity, inclusion, and equity in the CPA profession.