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The AICPA Accounting and Review Services Committee issued a revised illustrative representation letter for review engagements ( ). 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 ( ) and in Technical Practice Aids, copies of which are available through the AICPA order department at 888-777-7077.


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.