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March 5, 2013
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Partner Summits 2013
Don't miss your chance to experience the 6th annual Partner Summits—Thomson Reuters exclusive two-day event for tax and accounting visionaries. Hear from experts and leaders in the profession, exchange ideas, and map out a progressive, customized action plan for your firm. Registration opens on March 19, 2013.
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  Financial Focus 
 
  • Rating agencies not impressed with cuts under sequestration
    Credit rating agencies say the cuts under sequestration are not enough for the U.S. to maintain its AAA rating in the long run. The agencies view the cuts as a step in the right direction but are concerned that Washington's inability to replace them with targeted cuts reflects its ongoing dysfunction. Fitch Ratings and Moody's Investors Service have placed the U.S. on a negative outlook. Standard & Poor's downgraded its U.S. credit rating in 2011. The Hill/On the Money blog (3/4) LinkedInFacebookTwitterEmail this Story
AICPA Not-for-Profit Industry Conference
June 20-21, Washington, DC: Get up to speed on the challenges facing nonprofit practitioners and financial executives today. You'll get the latest information on the impact of tax, management, auditing and accounting issues affecting NPOs.
Super Early Bird Discount ends 3/12/13. > Register Now
  A&A Report 
 
  • 12 considerations for group audits
    Auditors of group financial statements will find clearer requirements and guidance in a new standard developed as a part of the AICPA Auditing Standards Board's Clarity Project. Read about the changes in terminology and more precisely articulated group auditor responsibilities described in the new standard. Journal of Accountancy (3/2013) LinkedInFacebookTwitterEmail this Story
SOC School: Conducting Successful Engagements
Get up to speed on Service Organization Control Reports. Attend SOC School on May 15-17 (Denver, CO) or on June 19-21 (Columbia, MD). You'll gain a deeper understanding of SOC guidance, common issues, and will gain the foundational knowledge to effectively perform engagements. > Go to cpa2biz.com/SOC
  Tax Season Watch 
 
42 days left to file tax returns

  • IRS now accepting all 2012 forms
    The Internal Revenue Service announced on Monday that after its experience with accepting stockpiled returns on Sunday, it is now accepting all 29 forms that had been delayed because of changes required by the American Taxpayer Relief Act of 2012. Delayed forms included those to claim the general business credit, residential energy credits, and qualified adoption expenses. JournalofAccountancy.com (3/4) LinkedInFacebookTwitterEmail this Story
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  Market Update 
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  Policy & Regulatory 
  • Fannie-Freddie securitization company in the works, FHFA says
    Fannie Mae and Freddie Mac will launch a joint company responsible for home-loan securitization, said Edward DeMarco, acting director of the U.S. Federal Housing Finance Agency. "The overarching goal is to create something of value that could either be sold or used by policymakers as a foundational element of the mortgage market of the future," DeMarco said. Reuters (3/4) LinkedInFacebookTwitterEmail this Story
  International View 
  • EU ministers give in to demands for relaxed budget controls
    After running into backlash in Italy and France over their austerity policies, EU finance ministers have opened the door to looser national spending and borrowing policies. EU Economic and Monetary Commissioner Olli Rehn said after a meeting of eurozone finance ministers that difficult economic conditions "may also justify in a certain number of cases reviewing deadlines for the correction of excessive deficits." Bloomberg (3/4) LinkedInFacebookTwitterEmail this Story
  Leadership & Trends 

  AICPA News 
  • TPA issued regarding naming city and state where auditor practices
    Technical Question and Answer 9100.07 has been issued to provide nonauthoritative guidance to state that the auditor may comply with the requirement in AU-C section 700, Forming an Opinion and Reporting on Financial Statements for the auditor's report to "name the city and state where the auditor practices" by naming such city and state in the firm's letterhead on which the report is issued. 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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