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December 5, 2012
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  Top Story 
  • Mandatory audit firm rotation unlikely because of obstacles, PCAOB’s Hanson says
    Jay Hanson, a member of the Public Company Accounting Oversight Board, said Tuesday that mandatory audit firm rotation faces so many significant obstacles that he struggles to see how the board would ever be able to require it. Hanson said at the AICPA Conference on SEC and PCAOB Developments that the obstacles include finding evidence that links firm tenure to audit failure, and showing that the benefits to such a requirement would outweigh the costs. (12/5) LinkedInFacebookTwitterEmail this Story
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  Financial Focus 
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  A&A Report 
  • PCAOB urges auditors to maintain professional skepticism
    The Public Company Accounting Oversight Board issued an audit practice alert Tuesday urging auditors to maintain their professional skepticism when they conduct audits. The alert is a response to continued instances in which the PCAOB has concluded auditors did not apply appropriate professional skepticism, and was issued to assist audit firms in upcoming calendar year-end audits. (12/4) LinkedInFacebookTwitterEmail this Story
  • FASB, IASB struggle to overcome differences amid SEC indecision on IFRS
    International Accounting Standards Board Chairman Hans Hoogervorst again pushed for the Securities and Exchange Commission to adopt International Financial Reporting Standards during a speech Tuesday. On the same stage, Financial Accounting Standards Board Chairman Leslie Seidman said U.S. financial reporting needs clearer guidance than the IASB has offered. With convergence programs near an end, the future of cooperation between the world's most prominent standard setters is in question. (12/4) LinkedInFacebookTwitterEmail this Story
  • SEC staff describe why a country would adopt IFRS
    The Securities and Exchange Commission still does not have a timeline for deciding whether to adopt International Financial Reporting Standards, but SEC staff offered some insight at the AICPA's national regulatory conference into why countries make a switch to IFRS. Paul Beswick, the SEC's acting chief accountant, said the IFRS is possibly the most significant accounting consideration the agency has dealt with since the 1930s. Compliance Week/Accounting & Auditing blog (12/3) LinkedInFacebookTwitterEmail this Story
  Tax Spotlight 
  • Guidance issued on next year's 3.8% net investment income tax
    The Internal Revenue Service has issued proposed regulations setting forth rules and guidance on the 3.8% tax on net investment income that is scheduled to take effect on Jan. 1. Taxpayers can rely on the proposed rules for purposes of complying with the tax. The IRS also posted FAQs on its website explaining how the tax works. (12/4) LinkedInFacebookTwitterEmail this Story
  • Quarter of taxpayers claim mortgage-interest deduction
    Placing limits on the U.S. mortgage-interest deduction, an idea raised in the debate over how to cut the budget deficit, would have consequences for relatively few homeowners, according to government data. The Internal Revenue Service said 25% of people filing tax returns claim it. USA Today (12/5) LinkedInFacebookTwitterEmail this Story
  Market Update 
  • "Fiscal cliff" is becoming less of a worry for global investors
    Optimism that U.S. officials will avoid the "fiscal cliff" prompted investors to increase equity overweight positions to a 20-month high in November in Europe and the U.S., according to a Reuters poll. "All eyes are now on the fiscal cliff, where a muddling-through until the end of [the first quarter] can be expected," said Boris Willems of UBS Global Asset Management. Reuters (12/4) LinkedInFacebookTwitterEmail this Story
  International View 
  • EU transaction tax moves forward without U.K. input
    The EU is proceeding with a plan for a financial-transaction tax despite objections from the U.K., which wants wording changes to the proposal. The European Parliament and all EU nations must approve the measure before 11 interested countries can proceed. Bloomberg (12/3) LinkedInFacebookTwitterEmail this Story
  Leadership & Trends 

  AICPA News 
  • Identify and design non-financial KPIs with this new tool
    In today's knowledge economy, the organization's value is increasingly attributable to non-financial business drivers -- the intangible assets of an enterprise. Success and future value creation depend on the effective measurement and management of these critical non-financial or intangible resources that comprise the intellectual capital of the business. This tool provides guidance for identifying and designing key performance indicators for non-financial performance measures. LinkedInFacebookTwitterEmail this Story
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Now and then it's good to pause in our pursuit of happiness and just be happy."
--Guillaume Apollinaire,
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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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