Accounting


The AICPA issued a set of technical practice aid questions and answers (TPAs 6910.16–.20) on presentation and disclosure issues facing nonregistered investment partnerships. Another set (TPAs 2130.09–.35) answers questions related to implementing Statement of Position (SOP) 03-3, Accounting for Certain Loans or Debt Securities Acquired in a Transfer. The TPAs are available at www.aicpa.org/members/div/acctstd/general/recent_tpas.asp .

The AICPA Investment Companies Expert Panel developed a revised illustrative report required by the SEC under Form N-SAR that incorporates changes in the definition of material weakness described in PCAOB Auditing Standard no. 2, An Audit of Internal Control Over Financial Reporting Performed in Conjunction With an Audit of Financial Statements. The report replaces the version in paragraph 11.16 of the AICPA Audit and Accounting Guide, Investment Companies. It is available at www.aicpa.org/members/div/acctstd/expertpanel_investco.asp .

The IRS issued guidance on how taxpayers can seek permission to change their method of accounting for taxable years ending on or after December 31, 2005, or for certain other periods ( www.irs.gov/pub/irs-drop/rp-06-12.pdf ).

PODCAST

What’s next for potential CPA licensure changes

A new model proposed by NASBA and the AICPA is designed with an eye on the future for newly licensed CPAs. The AICPA's Carl Mayes, CPA, provides background on the project and a look ahead to 2020.

VIDEO

What RPA is and how it works

Robotic process automation is like an Excel macro that can work on multiple applications, says Danielle Supkis Cheek, CPA. RPA can complete routine, repetitive tasks such as data entry, freeing up employee time from lower-level chores.