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.

NEWS

IRS sets start date for tax season

The IRS announced that tax season will start in late January and that it will issue refunds to taxpayers despite the partial shutdown of the federal government.

PODCAST

Why CPAs can’t wait on automation tools

What do accounting firms waiting on others to develop AI, automation, and data analytics tools have in common with a baseball fan sitting in a stadium filling with water at an exponential rate? The answer could determine your firm’s fate.