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January 8, 2013
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  Top Story 
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  Financial Focus 
  • IMF economists say they underestimated austerity consequences
    International Monetary Fund economists Olivier Blanchard and Daniel Leigh say they incorrectly forecast how much austerity measures in Europe would affect the economy. "Forecasters significantly underestimated the increase in unemployment and the decline in domestic demand associated with fiscal consolidation," according to a paper by the economists. EUObserver (Brussels) (1/7) LinkedInFacebookTwitterEmail this Story
  • U.S. lenders to pay $8.5 billion to end foreclosure reviews
    An $8.5 billion penalty has been assessed against the 10 largest U.S. home mortgage servicers in a deal that will end reviews of individual foreclosure cases. The settlement, however, drew some criticism. "If the reviews had been done right the first time, banks would have been on the hook to pay far more to homeowners, even though the planned scheme for recompense fell far short of full compensation," said Alys Cohen, staff attorney for the National Consumer Law Center. Bloomberg (1/8) LinkedInFacebookTwitterEmail this Story
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  A&A Report 
  • FASB moves quickly to clarify nonpublic disclosure exemption
    The Financial Accounting Standards Board has proposed a clarification on the applicability of a certain fair value disclosure requirement to private companies and nonpublic not-for-profits. Because the exemption would take effect for calendar year 2012 financial statements, FASB is moving the proposed amendment quickly through its due diligence process. (1/7) LinkedInFacebookTwitterEmail this Story
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  Tax Spotlight 
  • IRS issues rules on TIPS, bond premium carryforward
    The Internal Revenue Service has finalized rules regarding the tax treatment of certain Treasury Inflation-Protected Securities. It also issued temporary rules on the holder's treatment of a taxable zero coupon debt instrument acquired at a premium, to address an unanticipated situation in which a holder that elected to amortize the bond premium would have a capital loss upon the debt instrument's disposition rather than an ordinary deduction. (1/8) LinkedInFacebookTwitterEmail this Story
  Policy & Regulatory 
  • Analysis: Growth and regulation await corporate investigators
    The business of investigating corporations is booming, but the industry's success is likely to bring government regulation, according to The Economist. "Private investigators in Britain face possible regulation in the wake of the News Corporation phone-hacking scandal," the magazine notes. "In America, the [Securities and Exchange Commission] and Congress may tighten rules on investigators and 'knowledge brokers' that work for hedge funds, some of them suspected of abetting insider trading." The Economist (free content) (1/5) LinkedInFacebookTwitterEmail this Story
  International View 
  Leadership & Trends 
  • 12 qualitative metrics for CPAs to track the firm's performance
    CPAs should use quantitative and qualitative metrics to track their firms' performance, writes Lauren Prosser, manager of Advisory Services at Sageworks. She provides 12 examples of the latter in this post, including the lifetime value of a client, the average number of services per client, the average number of professional development hours per CPA and the staff-to-partner ratio. "These metrics can help CPA firms measure their reach with clients and provide insight into how well processes already in place are helping to identify opportunities with clients," Prosser writes. AICPA Insights (1/7) LinkedInFacebookTwitterEmail this Story

  AICPA News 
  • Register today: Understand findings from the PCAOB's first interim inspection report
    On Aug. 20, 2012, the Public Company Accounting Oversight Board issued its first progress report on interim inspections of broker-dealer audits. Representatives of the AICPA Stockbrokerage and Investment Banking Expert Panel will discuss findings of the PCAOB first interim inspection report in the webinar, PCAOB First Interim Inspection Report Findings, to be held 11 a.m. to 12:30 p.m. ET on Jan. 10. Register today. LinkedInFacebookTwitterEmail this Story

  • AICPA and NYSSCPA release modifications of Form TC309 for NYC certiorari filings
    If your practice includes providing an opinion on operating income and expenses for New York City Tax Commission certiorari filings, please be advised that the auditor is required to modify Form TC309, Accountant's Certification, in order to comply with new generally accepted auditing standards effective for periods ending on or after Dec. 15, 2012. Thanks to the efforts of the Real Estate Committee of the New York State Society of CPAs, who worked with the AICPA Audit and Attest Standards Team, the Tax Commission of the City of New York has agreed to accept the modifications to Form TC309 that are necessary to comply with AICPA's professional standards. Wording of the modifications can be found on LinkedInFacebookTwitterEmail this Story
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  Editor's Note 
  • Clarification
    A blog post from AICPA Insights® on the Clarified Auditing Standards, published Dec. 27 in CPA Letter Daily, has been modified to provide additional information. LinkedInFacebookTwitterEmail this Story
It is wise to keep in mind that neither success nor failure is ever final."
--Roger Babson,
American entrepreneur and business theorist

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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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