Retirement


The Institute released Understanding Social Security Reform: The Issues and Alternatives, a comprehensive analysis by AICPA tax, accounting and economic specialists of the benefits and drawbacks of many current reform proposals. The report assesses the program’s financial condition; its importance to the elderly living in poverty; how reform could affect the redistribution of income and workers’ retirement plans; how to balance investment risk with the pursuit of higher returns; and the funding challenges reform might involve ( www.aicpa.org/members/socsec.htm ). “The Social Security system’s viability affects most Americans,” said Thomas P. Ochsenschlager, AICPA vice-president of taxation, “so it’s important to thoroughly analyze the issues before making any changes. Our study adds knowledge to the debate.”

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Getting leases in line

ASC Topic 842 is a relatively simple standard that can mean profound changes for organizations with leases. This report examines what makes this standard challenging and describes new ways for CPAs to add value.