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January 13, 2012
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American Institute of CPAsCPA Letter Daily / The News Source CPAs Count On
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  Top Story 
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  Financial Focus 
  • PBGC challenges AMR over its attempts to drop pensions
    The Pension Benefit Guaranty Corp. criticized AMR, the parent of American Airlines, for trying to jettison pension obligations through bankruptcy, saying the company's stated reasons for doing are invalid. The airline said it needed to abandon its employees' pensions to be competitive with other airlines. The PBGC noted that Delta Airlines has high pension costs and is still competitive. The Wall Street Journal/CFO Journal (tiered subscription model) (1/12) LinkedInFacebookTwitterEmail this Story
New Interactive Tax Checklists
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  A&A Report 
  • Private company financial reporting comment deadline is Saturday
    More than 6,500 comment letters on private company financial statements have left the Financial Accounting Foundation trustees with a lot to consider, FAF President and CEO Terri Polley said Thursday. The AICPA is adamant that an independent board needs to be created to make modifications to U.S. GAAP where necessary for private companies. Polley said the FAF trustees believe it’s important to have a single GAAP and one standard-setter. Comments on FAF's Private Company Standards Improvement Council proposal are due tomorrow. Send a comment letter supporting a new standard-setter with authority to make changes to GAAP as warranted. (1/12) LinkedInFacebookTwitterEmail this Story
  • SEC reportedly narrows PCAOB prospects to two candidates
    The Securities and Exchange Commission has two candidates in mind for a single vacancy on the Public Company Accounting Oversight Board, sources said. They are Joseph Carcello, a University of Tennessee professor, and Jeanette Franzel, a managing director at the Government Accountability Office. Board member Daniel Goelzer's departure after his term expired in October created the vacancy. Reuters (1/12) LinkedInFacebookTwitterEmail this Story
  Tax Spotlight 
  Policy & Regulatory 
  • CFPB's Cordray makes overture to business community
    Richard Cordray, director of the Consumer Financial Protection Bureau, urged the business community to "embrace" the new agency. Cordray reached out to about 100 business executives, trade groups and community organizations since his appointment, including the Mortgage Bankers Association and CEOs at Bank of America, JPMorgan Chase, PNC Financial Services Group, US Bancorp and Citigroup. The Wall Street Journal/Dow Jones Newswires (1/12) LinkedInFacebookTwitterEmail this Story
  • Treasury rejects criticism of Dodd-Frank regulations
    Critics say the volume of regulations mandated by the Dodd-Frank Act and delays in implementing the rules are hurting the economy and curtailing lending. The Treasury Department says the real uncertainty stems from those trying to repeal the law. "Current calls to repeal Wall Street reform are a significant cause of the uncertainty that responsible business leaders are seeking to avoid," a Treasury spokesman said. "Once it is fully implemented, Wall Street reform will improve market certainty, strengthen the financial system, help boost the economy, and provide better protections for taxpayers." CNBC (1/12) LinkedInFacebookTwitterEmail this Story
  International View 
  • Greece's creditors voice concerns about debt-swap deal
    Negotiations between the Greek government and private creditors have yet to yield an agreement to cut the country's debt. Creditors warned that time is running out for a debt-swap deal. "A range of issues were discussed and some key areas remain unresolved," according to the Institute of International Finance. However, credit markets indicate that investors think a deal will be reached. Bloomberg (1/12), Reuters (1/12), The Guardian (London) (1/12) LinkedInFacebookTwitterEmail this Story
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  AICPA News 
  • Register today: Live webinar covers key payroll and tax legislation for this year
    Join Sid Kess and experts from Paychex at this interactive audio webcast, Key Payroll and Tax Legislation Updates for 2012, to be held 2 to 3 p.m. EST on Jan. 20. Update your clients on the important changes by learning about the latest legislation impacting payroll, taxes, HR and benefits at the federal and state levels. Register today. LinkedInFacebookTwitterEmail this Story
  • January issue of The CPA Advocate available
    The CPA Advocate keeps members informed about the AICPA's advocacy efforts on their behalf. In this issue, find out about the AICPA's response to the PCAOB's Concept Release on mandatory audit firm rotation. Also, learn about the AICPA's request that the Small Business Health Insurance Tax Credit be simplified, and how Congress is looking to leverage XBRL reporting requirements to track federal spending. Read it today. LinkedInFacebookTwitterEmail this Story
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The American Institute of Certified Public Accountants, founded in 1887, is the world's largest organization representing the accounting profession, with nearly 370,000 members in 128 countries. AICPA members represent many areas of practice, including business and industry, public practice, government, education, and consulting; membership is also available to accounting students and CPA candidates. 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.

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