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November 27, 2012
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  Top Story 
 
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  Financial Focus 
 
  • How to select KPIs for nonprofits
      
    Key Performance Indicators are important in rating a nonprofit's financial health and performance, writes Michael McNeilly, vice president of accounting and financial institutions markets at Sageworks. To pick the appropriate KPI for a nonprofit, McNeilly advises choosing one definition, setting a target for the year and using industry benchmarks, such as program efficiency ratio, operating reliance ratio and fundraising efficiency ratio. AICPA Insights (11/26) LinkedInFacebookTwitterEmail this Story

Help reduce your business client's risk of tax penalties... With 2013 near, help reduce your clients’ risk of tax penalties by introducing them to the benefits of Paychex payroll processing. New clients’ 2012 W-2s get processed FREE when you refer them to sign up with Paychex now ‘til Dec. 10 and process a payroll dated in 2012 by using this form. > Learn More
  A&A Report 
  • Scope of offsetting disclosures would narrow under FASB proposal
    The Financial Accounting Standards Board has proposed narrowing the definition of financial instruments in a standard on disclosures about offsetting assets and liabilities that was issued last December. Companies that were putting the standard into practice discovered that the scope was too broad and created unnecessary compliance costs for disclosures that were of minimal interest to users. JournalofAccountancy.com (11/26) LinkedInFacebookTwitterEmail this Story
  Tax Spotlight 
  • IRS updates rules on adequate disclosure of return positions
    The Internal Revenue Service issued its annual update telling taxpayers when they have adequately disclosed an item or position on a tax return. The guidance lists specific forms and schedules, which, if they are completed clearly and in accordance with their instructions, will be considered to have provided adequate disclosure to avoid the understatement of tax penalty and the tax return preparer penalty for understatement due to unreasonable positions. JournalofAccountancy.com (11/26) LinkedInFacebookTwitterEmail this Story
  Market Update 
  • U.S. corporations speed up dividend payouts
    Many U.S. companies plan to issue fourth-quarter dividends next month, instead of January, to beat the "fiscal cliff," which will increase dividend tax. Dillard's, Las Vegas Sands, Wal-Mart Stores, Ethan Allen Interiors and Drew Industries are among such companies. The Wall Street Journal (11/26) LinkedInFacebookTwitterEmail this Story
  Policy & Regulatory 
  • Schapiro stepping down at SEC; Obama designates Walter as replacement
    Mary Schapiro announced Monday that she will step down after almost four years as chairman of the Securities and Exchange Commission. President Barack Obama quickly designated Elisse Walter, a current SEC commissioner, as Schapiro's replacement. Schapiro has presided over a busy period of rulemaking, regulation and enforcement as the agency responded to the financial crisis. JournalofAccountancy.com (11/26) LinkedInFacebookTwitterEmail this Story
  • Obama and lawmakers work to head off "fiscal cliff"
    Private discussions between President Barack Obama and congressional leaders to find a compromise and avoid the "fiscal cliff" are picking up speed, officials say. During the weekend, Obama phoned House Speaker John Boehner, R-Ohio, and Senate Majority Leader Harry Reid, D-Nev. Also, Boehner is facilitating a meeting between senior Republicans and Erskine Bowles, former chief of staff for President Bill Clinton. The Washington Post (11/26), The White House Blog (11/26) LinkedInFacebookTwitterEmail this Story
  International View 
  • IMF and eurozone reach deal to reduce Greek debt
    Eurozone finance ministers and the International Monetary Fund have broken a deadlock over how to reduce Greece's long-term debt to a level that the country can pay back. Major creditors agreed to a long list of measures that could reduce Greek debt to 124% of gross domestic product by 2020. Reuters (11/27), Kathimerini (Greece) (11/27), Bloomberg (11/26) LinkedInFacebookTwitterEmail this Story
  Leadership & Trends 
  AICPA News 
  • Register now: AICPA webcast tomorrow on state of play in state taxes
      
    The concept of tax nexus continues to expand and significant uncertainty in state tax law abounds. Sales taxes are a challenge to collect from remote sellers, and almost impossible to efficiently collect from resident consumers. Join experts on Nov. 28, 1-2 pm ET, to learn what the future might hold, and also new state revenue initiatives that could surprise you and your clients. Register now. LinkedInFacebookTwitterEmail this Story

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The American Institute of Certified Public Accountants is the world’s largest association representing the accounting profession, with nearly 386,000 members in 128 countries and a 125 year heritage of serving the public interest. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting. The AICPA sets ethical standards for the profession and U.S. auditing standards for audits of private companies, non-profit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination and offers specialty credentials for CPAs who concentrate on personal financial planning; fraud and forensics; business valuation; and information technology. Through a joint venture with the Chartered Institute of Management Accountants, it has established the Chartered Global Management Accountant designation to elevate management accounting globally.

 
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