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"Fiscal cliff" triggers scramble to book deals in 2012: Fears that Congress won't strike a deal to avert the "fiscal cliff" and that capital gains taxes will rise Jan. 1 are driving a rush by U.S. companies and funds to close sales in 2012. Data provider Dealogic said follow-on offerings by venture capital and private equity firms total $35.3 billion, the most at this point in a year since Dealogic began tracking the data in 1995. The Wall Street Journal
(11/29)
    
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- U.S. economy grew faster in Q3 than first thought
The U.S. economy expanded 2.7% in the third quarter, not 2%, as initially estimated, according to the Commerce Department. Most of the growth came from government spending, mainly for military items, and companies stockpiling inventory, the department says. Consumer spending and business investment in equipment and software were less than originally thought. Los Angeles Times (tiered subscription model)
(11/30)
 | Save 20% on select AICPA Resources on the Clarified Auditing Standards.
Prepare now for the transition to the clarified standards effective for calendar year 2012 audits. Resources include AICPA publications, CPE self-study courses and webcasts. 20% discount on select publications through 12/31 with promo code UAQ. > Visit cpa2biz.com/sasclarity
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| Tax Spotlight |  |  |
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- IRS unveils new ITIN procedures
Following up on interim rules issued in June, the Internal Revenue Service issued new procedures for issuing individual taxpayer identification numbers. To alleviate concerns about a new requirement that taxpayers supply original documents, the IRS will set up Taxpayer Assistance Centers to review documents and also allow certifying acceptance agents to verify them. JournalofAccountancy.com
(11/29)
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- WSJ provides an overview of Schapiro's legacy
Securities and Exchange Chairman Mary Schapiro has a mixed record of success as one looks back on her time at the agency. She didn't provide certainty on the issue of International Financial Reporting Standards and she was unable to find common ground with the regulator's commissioners on reforming the money fund industry, Matthew Quinn writes. However, worried that the Jumpstart Our Business Startups Act would loosen investor protections on initial public offerings, Shapiro restructured the unit that reviews company disclosures, which led to more disclosures from Groupon and Facebook before their IPOs. The Wall Street Journal/CFO Journal (tiered subscription model)
(11/26)
- Bill to merge SEC and CFTC is introduced by Frank and Capuano
Reps. Barney Frank and Michael Capuano have introduced legislation that would combine the Commodity Futures Trading Commission with the Securities and Exchange Commission. Republican House members recently suggested such a move would help prevent regulatory lapses, but the proposal faces significant obstacles. "The existence of a separate SEC and CFTC is the single largest structural defect in our regulatory system. Unfortunately, this is deeply rooted in major cultural, economic and political factors in America," said Frank, who is retiring from Congress. Reuters
(11/29), The Hill/On The Money blog
(11/29), AdvisorOne
(11/29)
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Ethics pays: For the business and for your career
What steps would you take if your boss asked you to do something that made you uncomfortable? Would you be able to positively influence the situation and its outcome? Test yourself by viewing this six-minute video about business ethics. Your ability to assess the ethical context of every situation is part of your professional commitment. Want more information on business ethics? Visit CGMA.org for a host of reports, tools and videos on this critical subject.
| SmartQuote | | |
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 | The robbed that smiles, steals something from the thief."
--William Shakespeare,
British playwright
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| About AICPA |
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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| | Recent CPA Letter Daily Issues:
- Thursday, November 29, 2012
- Wednesday, November 28, 2012
- Tuesday, November 27, 2012
- Monday, November 26, 2012
- Wednesday, November 21, 2012
| | | Lead Editor: Tom Anderson
Contributing Editor: Erika Morphy
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