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November 16, 2012
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  Top Story 
 
  • Sandy sends U.S. jobless claims soaring
    Disruption brought by superstorm Sandy drove first-time unemployment claims to a seasonally adjusted 439,000, the most since April 2011, the U.S. Labor Department said. The 78,000 increase was the biggest one-week jump since Hurricane Katrina in 2005. Sandy's effects could reduce economic growth this quarter as much as a half percentage point, economists said. Reuters (11/15), MarketWatch (11/15) LinkedInFacebookTwitterEmail this Story
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  Financial Focus 
 
  • Bernanke: Tight lending standards threaten housing market
    Recovery of the U.S. housing market is being held back by lending standards that are too tight to make sense in this economy, Federal Reserve Chairman Ben Bernanke said. He said tighter standards were previously justified. "However, it seems likely at this point that the pendulum has swung too far the other way, and that overly tight lending standards may now be preventing creditworthy borrowers from buying homes, thereby slowing the revival in housing and impeding the economic recovery," Bernanke said. Reuters (11/15), The Hill/On The Money blog (11/15) LinkedInFacebookTwitterEmail this Story
New Edition: Depository and Lending Institutions: Banks and Savings Institutions, Credit Unions, Finance Companies, and Mortgage Companies: This AICPA Audit & Accounting Guide offers clear guidance on fair value measurements, debt restructurings, transfers and servicing, financing receivables and the allowance for loan losses. > Order Now
  A&A Report 
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  Tax Spotlight 
  • Significant recent developments in compensation and benefits
    The Internal Revenue Service, the Labor Department, and legislation made several changes affecting retirement plans and executive compensation over the past year. This article looks at changes to pension plan rules, the enforcement attention being paid to 401(k) plans, new and revised disclosure rules, and other changes in the compensation and benefits area. The Tax Adviser (11/2012) LinkedInFacebookTwitterEmail this Story
  Policy & Regulatory 
  • SEC whistle-blower program receives 3,000 tips in 12 months
    The Securities and Exchange Commission received roughly 3,000 tips from informants in the first full fiscal year of a new whistle-blower program, according to an annual report released Thursday. The most common categories of complaints included allegations about corporate disclosures and financials, offering fraud and manipulation. Journal of Accountancy (11/2012) LinkedInFacebookTwitterEmail this Story
  • SEC's investigation of rating agencies finds compliance issues
    The Securities and Exchange Commission released its findings from an examination of credit rating agencies performed earlier this year. The SEC said some of the agencies failed to disclose changes to their ratings methodology and did not follow their own policies when it came to downgrading securities in a timely manner. Reuters (11/15) LinkedInFacebookTwitterEmail this Story
  International View 
  AICPA News 

  • Today: Free webinar with CPE credit on proposed financial reporting framework for smaller enterprises
      
    Earlier this month, the AICPA released for public comment the Proposed Financial Reporting Framework for Small- and Medium-Sized Entities. The self-contained special purpose framework would enable privately owned smaller enterprises to produce more relevant and less complex financial statements when U.S. GAAP is not required. Comments are due Jan. 30. To help members learn about the proposal, the AICPA is hosting a free, one-hour webinar (offering 1 CPE credit) from 11 a.m. to 12 p.m. ET today. For details and resources on the proposal, visit aicpa.org/FRF-SMEs. LinkedInFacebookTwitterEmail this Story

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  SmartQuote 
One thing I am convinced more and more is true and that is this: The only way to be truly happy is to make others happy. When you realize that and take advantage of the fact, everything is made perfect."
--William Carlos Williams,
American poet and physician


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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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