Financial Reporting

The Committee of Sponsoring Organizations of the Treadway Commission (COSO) released Internal Control over Financial Reporting—Guidance for Smaller Public Companies to supplement Internal Control—Integrated Framework, t he committee’s landmark 1992 publication that outlined a comprehensive framework for internal control systems. The new guidance was developed primarily to help smaller public corporations apply the framework and better comply with section 404 of the Sarbanes-Oxley Act. Nevertheless, it applies to organizations of all sizes. “COSO is offering previously unavailable, but much needed, direction on designing and implementing cost-effective internal controls,” said AICPA Vice-President of New Finance John Morrow. “Small company managers and audit committees will find it invaluable.”

The new publication can be ordered at , and an executive summary and a set of frequently asked questions and answers can be downloaded free at and , respectively.


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.