Corrections


The article "A New Day for Business Combinations" (June 08, page 34) misstated the treatment under FASB Statement no. 141(R) of contingent consideration involving shares. The article should have stated that contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within equity.

The article "Long-Term Care Insurance and Tax Planning" (Aug. 08, page 44) incorrectly characterized tax law concerning eligibility of long-term care (LTC) expenses for coverage under flexible spending arrangements (FSAs). The article should have said that FSAs (and health reimbursement arrangements that are FSAs) cannot be used to pay for either LTC insurance premiums or LTC expenses.

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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.