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February 6, 2013
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  Top Story 
 
  • Obama calls for short-term budget deal
    President Barack Obama is urging Congress to pass a package of stopgap tax increases and spending cuts to avert deep across-the-board reductions in military and domestic spending set to take effect March 1. He said the action would give lawmakers time to work out a comprehensive deficit-reduction plan that would put automatic sequestration of funds to rest permanently. Obama said there is no need to endanger "the jobs of thousands of Americans." The New York Times (tiered subscription model) (2/5), Reuters (2/5), Bloomberg (2/5) LinkedInFacebookTwitterEmail this Story
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  Financial Focus 
 
  • Postal service to end Saturday delivery
    The U.S. Postal Service is expected to announce today that it is discontinuing Saturday mail delivery to homes and businesses as of Aug. 1. Saturday package delivery will continue as will delivery of mail to post office boxes. Post offices will remain open Saturdays, although some locations may reduce their hours. The move is expected to save the postal service $2 billion annually. The Washington Post/Federal Eye blog (2/6) LinkedInFacebookTwitterEmail this Story
  • Inflation expectation drives up losses on 30-year Treasury
    Investors' losses on the 30-year U.S. government bond have topped 5% this year as buyers of Treasury securities brace for accelerating inflation. For the first time in more than a year, the Federal Reserve's benchmark for inflation expectation is near 3%. Bloomberg (2/6) LinkedInFacebookTwitterEmail this Story
  • Analysis: Retirement saving trends prompt rethink
    Research has found that lower-earning Americans are more likely to withdraw funds from their 401(k) retirement plans early, while many workers are forgoing workplace plans altogether. These trends, along with other economic shifts, are prompting concerns about retirement savings and the need to consider changing current policies. Find AICPA resources and tools to help one plan and save for retirement on 360 Degrees of Financial Literacy. Reuters (2/5) LinkedInFacebookTwitterEmail this Story
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  A&A Report 
  • FASB alters format for OCI reclassification reporting
    The Financial Accounting Standards Board has created new presentation requirements for items reclassified out of other comprehensive income. Although reporting requirements remain the same, the changes are designed to make information more accessible to users at minimal costs to preparers. JournalofAccountancy.com (2/5) LinkedInFacebookTwitterEmail this Story
  • Other News
  Tax Season Watch 
 
69 days left to file tax returns

  • Advising clients on using formula clauses in gift and estate planning
    A string of taxpayer-favorable court decisions, coupled with new higher exclusion amounts, gives estate planners new grounds for confidence in formula clauses as a vehicle for limiting or eliminating transfer tax exposure. CPAs John Skarbnik and Ron West discuss the pitfalls and opportunities that come with the use of formula clauses and steps taxpayers can take to bolster their validity. The Tax Adviser (2/2013) LinkedInFacebookTwitterEmail this Story
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  Market Update 
  • Nasdaq and SEC discuss Facebook IPO settlement
    Nasdaq OMX Group reportedly is looking at settling with the Securities and Exchange Commission, which would include a $5 million penalty relating to technical errors during Facebook's initial public offering. Nasdaq has already offered more than $60 million in compensation to firms possibly harmed by the errors. Bloomberg (2/5), The Wall Street Journal (2/5) LinkedInFacebookTwitterEmail this Story
  Policy & Regulatory 
  • Not all JOBS Act provisions are being used
    Emerging companies are not taking advantage of many of the provisions of the Jumpstart Our Business Startups Act, according to the Skadden, Arps, Slate, Meagher & Flom law firm. Extended transitions to comply with new accounting rules and reduced compensation disclosure requirements are provisions companies tend to avoid. The Wall Street Journal/CFO Journal (2/5) LinkedInFacebookTwitterEmail this Story
  Leadership & Trends 
  • What employers want as they hire accountants
    Demand for accountants is strong and growing, according to a number of sources. Hiring companies have high expectations of their new employees' skill sets and want to see communication and leadership skills as well. A CPA credential is also important. "There's not so much a need to do hard core number crunching because [computers] can do that, so it's more interpretation versus creation of information, and that interpretation is more important to the business. CPAs have really taken on that role," said Scott Moore, senior manager of the College and University Initiatives at AICPA. MassLive.com/Boston Business Journal (1/14) LinkedInFacebookTwitterEmail this Story
  • 6 finance jobs expected to see strong hiring: There are six finance positions that will see strong hiring this year, CTPartners predicts. They are compliance manager, government and regulatory affairs officer, chief risk officer, asset management professional, emerging payments officer/payments executive and wealth-management professional. CFO.com (2/5) LinkedInFacebookTwitterEmail this Story
  AICPA News 
  • Selected content on CGMA.org to be locked beginning Feb. 8
    To continue to provide value and exclusive content including reports, videos and tools, beginning Feb. 8 select content on CGMA.org will only be accessible to Chartered Global Management Accountant® designation holders. Designees will need to log in to CGMA.org to access CGMA Magazine features (excluding news and videos on the Magazine page), resources (reports, tools and videos) and community discussions. A "Remember Me" feature will be available, only requiring users to log in once from the same device, as long as they do not delete their cookies. Questions about the changes to CGMA.org can be directed to service@aicpa.org. LinkedInFacebookTwitterEmail this Story
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  SmartQuote 
I've learned that people will forget what you said, people will forget what you did, but people will never forget how you made them feel."
--Maya Angelou,
American author and poet


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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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