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December 27, 2012
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  Top Story 
  • U.S. government will reach debt ceiling Monday, Geithner says
    Treasury Secretary Timothy Geithner said in a letter to Congress that the U.S. government's borrowing will reach the $16.4 trillion debt limit Monday. The Treasury plans to resort to "extraordinary measures" to allow it to legally keep borrowing. That will buy the government two months before it is unable to meet its financial obligations, Geithner said. The Washington Post (12/26) LinkedInFacebookTwitterEmail this Story
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  Financial Focus 
  • Demand, salary on the rise for public company directors
    Average pay has increased by nearly 10% in the past year for directors of public companies, according to an analysis by BDO USA. Board retainers and fees make up about three-fourths of directors' total compensation. Directors make the most, on average, in the technology sector ($177,249). See how other sectors compare. CGMA Magazine (12/24) LinkedInFacebookTwitterEmail this Story
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  A&A Report 
  • Three substantive changes to the Clarified Auditing Standards
    Three substantive changes in the Clarified Auditing Standards will affect every auditor, writes Michael Ramos, director of CPE and training for the AICPA. One change requires headings and specific language for each section of the auditor's report, another calls for an auditor who brings on a new client to conduct substantive audit work if he or she is going to rely on the opening balance, and a third change requires a renewed engagement letter for each year instead of relying on a pre-existing multiyear letter. AICPA Insights (12/26) LinkedInFacebookTwitterEmail this Story

  Tax Spotlight 
  • IRS finalizes rules on disclosure and use of taxpayer information
    The Internal Revenue Service issued final regulations on Wednesday on the circumstances in which tax return preparers can use or disclose taxpayer information. The regulations adopt rules issued in 2010 as temporary regulations, and they cover what lists practitioners may compile to solicit return preparation business, transfers of such lists in the sale of a practice, statistical compilations of taxpayer information, and conflict-of-interest reviews. (12/26) LinkedInFacebookTwitterEmail this Story
  Policy & Regulatory 
  • Washington readies final effort to avert "fiscal cliff"
    With President Barack Obama and members of the Senate headed back to Washington, D.C., political leaders are preparing to make a final attempt at averting the "fiscal cliff" that economists say could send the U.S. economy back into recession. In a sign that there may be a way to break the standoff, Rep. John Boehner of Ohio, head of the Republican-controlled House of Representatives, urged the Senate, where Democrats hold the majority, to offer a proposal that could restart movement toward a budget compromise. Reuters (12/26), Politico (Washington, D.C.) (12/26), Bloomberg (12/26), The Hill/On The Money blog (12/27) LinkedInFacebookTwitterEmail this Story
  International View 
  • BRIC countries face uncertain growth without reforms
    A decade of high growth for the BRIC countries -- Brazil, Russia, India and China -- is over as average gross domestic product growth is forecast to slip to 4.5% in 2012 from an annual average of 8% from 2000 to 2008. Each country faces particular challenges in modernizing to boost growth rates going forward. Russia must address corruption to attract investment and Brazil has to simplify regulations. The Wall Street Journal (12/26) LinkedInFacebookTwitterEmail this Story
  • Arab stock markets posted big rebound in 2012
    Arab securities exchanges enjoyed dramatic growth during 2012. The 14 official stock exchanges in the Arab region increased their total market capitalization from $884 billion at the end of 2011, to $944.2 billion toward the end of this year, a $60.2 billion expansion. According to the Arab Monetary Fund, assets of Saudi Arabia's Tadawul market rose by $37 billion while the Abu Dhabi Security Exchange in the United Arab Emirates grew almost $12 billion. Emirates Business 24/7 (United Arab Emirates) (12/27) LinkedInFacebookTwitterEmail this Story
  AICPA News 
  • Register today: Enhance your skills as an expert witness
    At the 2013 AICPA Expert Witness Skills Workshop, to be held Jan. 24 to 26 in Scottsdale, Ariz., you will enhance your skills for delivering effective expert testimony through individualized practice sessions and feedback from attorneys, judges and other leading experts. At this workshop, you will learn how to prepare and present information during arbitration or in the courtroom. Register today. 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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