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April 9, 2012
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American Institute of CPAsCPA Letter Daily / The News Source CPAs Count On
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  Top Story 
  • U.S. corporations make a big comeback, financial data show
    Profit, sales and hiring last year by companies in the Standard & Poor's 500 index exceeded data for 2007, before U.S. businesses were hit with the financial crisis and the most serious recession since World War II, according to an analysis by The Wall Street Journal. However, such strong financial performance hasn't significantly affected the unemployment rate because many of the 1.1 million jobs the companies created since 2007 are outside the U.S. The Wall Street Journal (4/9) LinkedInFacebookTwitterEmail this Story
AICPA National Advanced Accounting and Auditing Technical Symposium (NAAATS) July 19-20, 2012, Chicago, IL: Get up to speed on the latest standards that impact upcoming audits and financial statement preparations. Plus gain practical implementation guidance and insights from regulators. Super Early Bird Discount ends April 10. > Register Now
  Financial Focus 
  • U.S. wage growth jumps 1.4%
    Americans are bringing home more in their paychecks, as wage growth increased 1.4% in the first quarter compared with a year earlier, according to a PayScale report. That's the highest since the last quarter of 2008. "Things are looking good," said Katie Bardaro, PayScale's lead economist. "For the first time in a while, people can start to feel confident about where the economy is heading." CNBC (4/5) LinkedInFacebookTwitterEmail this Story
  A&A Report 
  • Governments should follow private-sector accounting standards
    The International Accounting Standards Board, the International Federation of Accountants and the International Monetary Fund have encouraged governments to harmonize government and private-sector accounting standards. The Economist magazine argues that such a move would cut down on fraud. The Economist (4/7) LinkedInFacebookTwitterEmail this Story
  Tax Season Watch 
9 days left to file tax returns

  • Offshore asset reporting becomes more complex under new law
    The Foreign Account Tax Compliance Act has added a new layer of complexity for taxpayers with foreign assets -- and it is backed up by new penalties that start at $10,000. This article discusses the significant challenges FATCA's disclosure requirements present to taxpayers and tax practitioners. The Tax Adviser (4/2012) LinkedInFacebookTwitterEmail this Story
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  Policy & Regulatory 
  • Central banks are forced to rely on words as main tool
    The European Central Bank, the Federal Reserve and other central banks in the developed world have used up monetary-policy tools available to them and are facing pressures to rein them in or at least not go further. The situation leaves central bankers with few options. "A new policy regime characterized by jawboning is now here," said Eric Green, an economist at TD Securities. "Policy is more constrained and more accommodation increasingly problematic in scope and complexity." Reuters (4/8) LinkedInFacebookTwitterEmail this Story
  International View 
  • Barnier's plan to rotate rating agencies faces opposition
    Michel Barnier, the EU's internal-market commissioner, faces significant backlash against his proposal to bolster regulation of credit rating agencies and implement agency rotation. Barnier appears close to abandoning the plan, experts said. "It looks as if the [European] Commission and [the Economic and Financial Affairs Council of the EU Council] is moving away from rotation to something that is more relaxed," said Sharon Bowles, chairwoman of the European Parliament Economic and Monetary Affairs Committee. The Independent (London) (4/8) LinkedInFacebookTwitterEmail this Story
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  Leadership & Trends 
  • How to craft a professional development plan
    Michael Ramos, director of CPE and training at the AICPA, describes how CPAs can create a professional development plan. "A well-developed plan will help you to identify specific learning needs, based on expectations of your current job, performance reviews, input from a manager, professionalism, and career aspirations," he writes. AICPA Insights (4/6) LinkedInFacebookTwitterEmail this Story
  Hot Topics 

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

  • Results based on number of times each story was clicked by readers.
  AICPA News 
  • New Financial Planning & Analysis Workshop coming in July
    The new AICPA Financial Planning & Analysis Workshop is coming July 12 to 13 in New York City. This workshop has been developed for controllers, CFOs, financial managers and other CPAs who are involved with financial planning and analysis. The workshop will provide essential learning solutions to expand your expertise in strategy, performance management, financial planning, forecasting and analysis. Go beyond the numbers and learn how to implement an integrated performance management process while enhancing your value to the organization. Register by April 13 at the early bird rate and save. LinkedInFacebookTwitterEmail this Story
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--Virginia Woolf,
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The American Institute of Certified Public Accountants is the world’s largest association representing the accounting profession, with nearly 377,000 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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