Financial Reporting


FASB issued as final two staff positions—FSP SOP 94-6-1, Terms of Loan Products That May Give Rise to a Concentration of Credit Risk, and FSP AAG INV-1 and SOP 94-4-1, Reporting of Fully Benefit-Responsive Investment Contracts Held by Certain Investment Companies Subject to the AICPA Investment Company Guide and Defined-Contribution Health and Welfare and Pension Plans —that clarify and, where necessary, amend earlier guidance. The board also issued a proposed FSP, Amortization and Impairment of Acquired Renewable Intangible Assets. Comments on it are due March 27, 2006. ( www.fasb.org/fasb_staff_positions ).

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.