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May 14, 2012
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  Top Story 
  • U.S. and Europe differ on approach to auditor rotation
    U.S. and European regulators differ on their approaches to audit rotation. The U.S. is focused on preventing auditors from getting too close to corporate clients while the Europeans are concerned about too much market concentration among top auditing firms. (5/11) LinkedInFacebookTwitterEmail this Story
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  Financial Focus 
  • JPMorgan admits error as regulators investigate the trading loss
    JPMorgan Chase's $2 billion loss had its roots in efforts to shield the bank from Europe's economic meltdown. U.S. and U.K. regulators are investigating what went wrong and whether the bank should have come forward with the bad news sooner. Meanwhile, JPMorgan CEO Jamie Dimon said executives were "completely wrong" in public statements last month regarding the derivatives trades. The Wall Street Journal (5/13), Bloomberg (5/11), Reuters (5/13) LinkedInFacebookTwitterEmail this Story
  • Lawmakers differ on need for regulation after trading losses: JPMorgan Chase's $2 billion trading losses makes it more difficult for banks to contend they don't need regulations such as the Dodd-Frank Act, says Rep. Barney Frank, D-Mass. He is among lawmakers seizing upon the bank's losses as proof that more regulation is needed. Others, including Sen. John Thune, R-S.D., urged against such a conclusion. "We need to make sure we get all facts before jumping to conclusions about the need for greater financial regulation," Thune said. The Hill/On the Money blog (5/11), The Hill/On the Money blog (5/13) LinkedInFacebookTwitterEmail this Story
  • States exit federal extended unemployment benefits program
    Eight states -- California, Florida, Illinois, North Carolina, Colorado, Connecticut, Pennsylvania and Texas -- are exiting a federal extended unemployment benefits program as their economies improve. The program is for states where the jobless rate is 10% higher than it was in one of the past three years. It provides long-term unemployed residents with 20 weeks of benefits after their state and federal emergency benefits run out. More than 200,000 people will lose jobless benefits as these states exit the program. CNNMoney (5/11) LinkedInFacebookTwitterEmail this Story
  • Survey: Financial products are confusing to many investors
    MFS Investment Management released its February survey of 934 adults, which showed that many were confused by financial products and overwhelmed by their choices. "The industry has a lot of capabilities that we didn't have before, and by that very nature, some of the investments are complicated," said William Finnegan, a senior executive at MFS. However, investors are also acknowledging an increased need for advice. InvestmentNews (free registration) (5/13) LinkedInFacebookTwitterEmail this Story
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  A&A Report 
  • Center for Audit Quality workshop addresses auditor's changing role
    Management discussion and analysis, earnings releases, and key performance indicators were among the topics discussed at a workshop held by the Center for Audit Quality, which is affiliated with the AICPA, on the evolving role of the public company auditor. Workshop attendees noted that some investors would like a requirement that the auditor discuss the earnings release with the audit committee. AccountingWEB (5/10) LinkedInFacebookTwitterEmail this Story
  • SEC considers simplifying financial report filing
    The Securities and Exchange Commission is considering simplifying the financial report filing process by recommending a rule to let companies file their financial information in a single, in-line XBRL submission. Public companies can currently file either under the traditional HTML format or the newer XBRL format, which makes financial analysis easier. In-line XBRL is a hybrid format that lets users insert XBRL tags into HTML documents, combining the best features of both formats. Compliance Week/Accounting & Auditing blog (5/14) LinkedInFacebookTwitterEmail this Story
  Tax Spotlight 
  • Conjura: IRS rules for tangible property expenditures are too complex
    Taxpayers, especially small businesses, are finding the Internal Revenue Service capitalization rules for the deduction and capitalization of tangible property expenditures too complex, said Carol Conjura, chairwoman of the AICPA Tax Methods & Periods Technical Resource Panel, speaking at an IRS hearing. The regulations do not provide the necessary bright line tests and they introduce new sources of complexity, she said. Read the AICPA's press release and comment letter for more information. (5/11) LinkedInFacebookTwitterEmail this Story
  Policy & Regulatory 
  • Regulators shouldn't try to shrink money-fund sector, Schapiro says
    Mary Schapiro, chairman of the Securities and Exchange Commission, said U.S. regulators shouldn't try to shrink the industry of money market mutual funds. "It's not for the government to say," Schapiro said. "They should be the size they should be. I want them to be resilient. I want them to be reflective of the fact that they are investment products and their value does indeed fluctuate." Bloomberg (5/11), (5/11) LinkedInFacebookTwitterEmail this Story
  International View 
  • People's Bank of China cuts reserve ratio for banks to bolster lending
    To loosen up lending, the People's Bank of China lowered the reserve-requirement ratio by 0.5 percentage points. The move, which takes effect Friday, comes after the economy indicated slowing momentum. The reduction, putting the ratio at 20%, is the third in this cycle of monetary-policy loosening. The first two were in November and February. MarketWatch (5/12) LinkedInFacebookTwitterEmail this Story
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  Leadership & Trends 
  • Are unpaid internships bad for the economy or a great thing?
    Opponents of unpaid internships argue that they give preference to wealthier individuals who can afford to work for free and they lower wages overall. Proponents say unpaid internships offer interns value other than money, such as free training, and are an economic reality. (5/10) LinkedInFacebookTwitterEmail this Story
  Hot Topics 

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  AICPA News 
  • Register today: Learn how you can move from tax compliance to tax planning
    This series of five webinars, Moving from Tax Compliance to Tax Planning for Individuals, starting May 21, will take you through the process of moving from tax compliance to tax planning. The webinar will begin by taking a close look at the 1040 and provide a detailed methodology to gather information and planning opportunities that you can use to ensure you are thinking through all potential tax impacts of financial decisions and begin considering tax planning opportunities for your clients. Register today. LinkedInFacebookTwitterEmail this Story
  • Apply for the 2012 P. Thomas Austin PFP Division Scholarship to attend the Advanced Estate Planning Conference
    The AICPA established the P. Thomas Austin Personal Financial Planning Division Scholarship in honor of the CPA who has chaired the Advanced Estate Planning Conference for three decades. The scholarship will cover the registration fee and travel expenses of a CPA to attend the 2012 Advanced Estate Planning Conference. Eligible applicants must meet all of the following requirements: hold a valid, unrevoked CPA license issued by a qualified state board of accountancy; be a member in good standing with the AICPA; a practitioner with five to 15 years of experience as a CPA; and a novice-level experience of less than five years specifically in estate planning through practice or relevant membership organization. PFS candidates and credential holders are preferred, but not required. Complete the application no later than June 5, 2012. LinkedInFacebookTwitterEmail this Story
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