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- 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)     
- 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)
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- 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. JournalofAccountancy.com
(1/7)
 | New & improved: Interactive Tax Checklists speeds tax preparation!
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| Tax Spotlight |  |  |
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- 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. JournalofAccountancy.com
(1/8)
| Policy & Regulatory | | |
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- 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)
| International View | | |
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| Leadership & Trends | | |
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- 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)
| AICPA News | | |
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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.
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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 AICPA.org.
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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.
| SmartQuote | | |
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 | 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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| 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:
- Monday, January 07, 2013
- Friday, January 04, 2013
- Thursday, January 03, 2013
- Wednesday, January 02, 2013
- Monday, December 31, 2012
| | | Lead Editor: Tom Anderson
Contributing Editor: Erika Morphy
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