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The Institute’s accounting standards staff, with the assistance of industry experts, releases the sixth set in a series of questions and answers on financial accounting and reporting issues related to Statement of Position 97-2, Software Revenue Recognition. The entire series is available at www.aicpa.org/members/div/acctstd/general/othitem.htm and is included in the AICPA publication, Technical Practice Aids, which can be ordered by calling 888-777-7077.

An AcSEC exposure draft of a proposed Statement of Position, Accounting for Real Estate Time-Sharing Transactions, addresses diversity in practice due to a lack of guidance on this subject. A related exposure draft of a proposed FASB statement with the same title includes amendments to certain board pronouncements that would be made in conjunction with AcSEC’s issuance of a final statement of position. Comments on both proposals, which are accessible at www. aicpa.org/members/div/acctstd/edo/index.htm, are due April 30.

The AICPA issues a draft of a practice aid, Valuation of Privately-Held-Company Equity Securities Issued in Other Than a Business Combination (www.aicpa.org/members/div/acctstd/index.htm). Comments are due April 23.

The AICPA releases an online tool kit (www.aicpa.org/members/div/mcs/vm_toolkit.asp) to facilitate the performance of valuations related to business combinations and to acquired goodwill and other intangible assets, as discussed in FASB Statement nos. 141 and 142, respectively. In addition to practical information on performing fair value measurement engagements for purchase price allocations and goodwill impairment analyses, this resource contains training aids, a bibliography, a discussion of engagement letter considerations and checklists. For further information, contact James C.H. Feldman, CPA/ABV, manager of business valuation and litigation services, at jfeldman@aicpa.org.

FASB issues Interpretation no. 46, Consolidation of Variable Interest Entities, which applies to a broad array of such organizations including special-purpose entities, off-balance-sheet structures and, generally, corporations, partnerships, trusts or any other business-oriented legal structures that either do not have equity investors with voting rights or have shareholders who provide financial resources insufficient to support the entity’s activities. Previously, companies had not included another entity in their consolidated financial statements unless they controlled it through voting interests. But the interpretation seeks to improve financial reporting by companies with ties to such entities by requiring them to consolidate an entity’s financial statements with their own if the company is subject to the majority of either the risk or the benefit resulting from the entity’s activities. The consolidation requirements take effect immediately for variable interest entities created after January 31; they apply to older entities in the first fiscal year or interim period beginning after June 15. Certain of the interpretation’s disclosure requirements affect all financial statements issued after January 31 regardless of when the variable interest entity was established. The interpretation is available from FASB online at www.fasb.org/ or by calling 800-748-0659.

The Institute issues a competency assessment tool that enables CPAs to evaluate their knowledge of fraud prevention, detection and investigation techniques and develop a learning plan to refine their skills in this area (www.cpa2biz.com/cpeconferences/cat.htm). The tool is available to members at no charge.

The AICPA, the National Association of State Boards of Accountancy (NASBA) and Prometric, a technology-based testing company, announce the April 5, 2004 commencement of a computerized version of the uniform CPA exam (www.aicpa.org/news/2003/p030205a.asp). Prometric will offer the test up to six days a week during two of every three months of the year. The final paper-based version of the exam will be given on November 5 and 6 of this year.

The AICPA and the Association of Certified Fraud Examiners release an interactive CD-ROM CPE course, “Fraud and the CPA,” that can be ordered at www.cpa2biz.com/cs2000/products. It features a series of presentations by fraud-detection-and-prevention specialists who explain how CPAs can help corporations spot and thwart fraud.

The Institute releases Consulting Services Special Report 03-01, Litigation Services and Applicable Professional Standards, which helps CPAs understand and comply with applicable regulatory and legislative requirements. It provides guidance on a variety of subjects including conflicts of interest, workpaper form and content and reporting and can be ordered online at www.cpa2biz.com/cs2000/products/store or toll-free by phone (888-777-7077) or fax (800-362-5066).