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December 10, 2012
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  Top Story 
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  Financial Focus 
  • Consumer borrowing accelerates in U.S. for third straight month
    Economists were caught off guard by the sharp increase in U.S. consumer borrowing in October. The Federal Reserve said consumer credit jumped $14.2 billion in October, marking the third consecutive monthly expansion. Economists surveyed by Reuters and Bloomberg expected the October figure to rise by $10 billion. Reuters (12/7), Bloomberg (12/7) LinkedInFacebookTwitterEmail this Story
  • Corporate debt boom isn't necessarily something to celebrate
    Debt capital is flowing freely to any U.S. corporation that wants it, but the long-term consequences of this easy money are difficult to anticipate, according to The Economist. "The implicit bet that investors and policymakers are making is that whatever costs come from an eventual increase in interest rates, they will be more than offset by the positive effects of an economy rejuvenated in part by cheap credit," the magazine notes. "It is, in short, a bet on a free lunch, and like most such bets is not without risks." The Economist (12/8) LinkedInFacebookTwitterEmail this Story

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  A&A Report 
  • Questions remain on benefits of IFRS adoption in U.S.
    The Financial Accounting Standards Board and regulators appear to be increasingly skeptical over whether international accounting standards will benefit U.S. companies. "Having the same words in a standard can be a good start, but it is not necessarily going to produce consistent information if the standard is interpreted differently or enforced differently within a jurisdiction or across jurisdictions," FASB Chairman Leslie Seidman said at a recent AICPA conference. The Wall Street Journal/CFO Journal (tiered subscription model) (12/6) LinkedInFacebookTwitterEmail this Story

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  Tax Spotlight 
AICPA Expert Witness Skills Workshop
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  Market Update 
  Policy & Regulatory 
  • FDIC, BoE offer joint plan for "too big to fail" banks
    For the first time, U.S. and British regulators have made public their common view of how to cope with financial institutions considered "too big to fail." The Federal Deposit Insurance Corp. and the Bank of England discussed the problem in a joint paper. "We believe that, for many [global systemically important financial institutions], this strategy holds the best possibility of preserving stability while removing taxpayer support," Martin Gruenberg, chairman of the FDIC, and Paul Tucker, deputy governor for financial stability for the Bank of England, write in the Financial Times. "It holds shareholders, creditors and management in a failed GSifi accountable for its losses." The Telegraph (London) (tiered subscription model) (12/10), Financial Times (tiered subscription model) (12/10) LinkedInFacebookTwitterEmail this Story
  • 10 senators speak out for employer-based retirement system
    Worried about the possible loss of retirement tax incentives, 10 senators have expressed their support for the employer-based retirement system in a "Sense of the Congress" resolution introduced by Sen. Richard Blumenthal, D-Conn. "A reformed and simplified tax code should include properly structured tax incentives to maintain and contribute to such plans and strengthen retirement security for all Americans," the resolution said. AdvisorOne (12/7) LinkedInFacebookTwitterEmail this Story
  • Financial advisers' reforms are delayed by House, Senate changes
    Action on far-reaching reforms that could change the way financial advisers do business will likely be delayed by changes in the leadership of two key U.S. Congressional committees when Congress returns to Washington in 2013. Rep. Jeb Hensarling, R-Texas, will lead the House Financial Services Committee and Sen. Michael Crapo, R-Idaho, is expected to be the top Republican on the Senate Committee on Banking, Housing and Urban Affairs. Crapo will likely work closely with Senate banking committee Chairman Tim Johnson, D-S.D., to scrutinize the Securities and Exchange Commission's reform efforts. Reuters (12/7) LinkedInFacebookTwitterEmail this Story
  • Other News
  International View 
  • Perceived corruption rising in economically strapped Greece, Italy
    Transparency International's annual Corruption Perception Index shows that several countries in the Mediterranean region -- including Greece and Italy for mainly financial reasons and Egypt for political ones -- were seen as more corrupt this year than in 2011. The index uses a variety of data to measure the perceived amount of transparency in a country's public sector. Denmark, Finland and New Zealand ranked atop the list. See how other countries fared. CGMA Magazine (12/6) LinkedInFacebookTwitterEmail this Story
  Hot Topics 

Top five news stories selected by CPA Letter Daily readers in the past week.

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  AICPA News 
  • Register today: Understand the latest Health Care Audit Risk Alert
    This webinar, The 2012/13 Health Care Audit Risk Alert -- A Critical Update for the Next Year, to be held 1 to 2:30 p.m. ET on Dec. 17, will delve into the 2012/13 edition of the annual Audit Risk Alert Health Care Industry Developments. Join current and former members of the AICPA Health Care Expert Panel as they share their insights about some of the critical key developments that have occurred in the health care industry over the past year, as well as those that are expected to be relevant during the next 12 months. Register today. 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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