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 ).

SPONSORED REPORT

Tax reform changes are now in effect

With all the recent tax law changes, this year it’s more important than ever to make sure your clients’ tax situations are squared away before year end. This report provides necessary guidance to ensure 2019 starts without a hitch.

PODCAST

Using drones to enhance audits

Hermann Sidhu, CPA, global assurance digital leader at EY, walks us through EY’s exciting new project to use drones to help audit large warehouses and outdoor inventories.