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December 31, 2012
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  Financial Focus 
  A&A Report 
  • FAF urges U.S. representation in group advising IASB on standards
    The Financial Accounting Foundation trustees say a commitment to endorsement or adoption of International Financial Reporting Standards should not be required for participation in a new forum of national and regional standard setters that will advise the International Accounting Standards Board. Such a requirement currently would preclude the participation of the United States, as the Securities and Exchange Commission has not released a timetable for deciding whether to require or allow U.S. public companies to prepare their financial statements in accordance with IFRS. JournalofAccountancy.com (12/28) LinkedInFacebookTwitterEmail this Story
  • Clarity for definitions would help IFRS compliance, survey finds
    Clarity for definitions of assets and liabilities for debt instruments would make compliance with International Financial Reporting Standards easier for finance executives, according to a public consultation by the International Accounting Standards Board. Revenue recognition, leases and insurance contracts, and intangibles, such as intellectual property, have created challenges for finance chiefs, especially as these are areas that are not converged. CFO.com (12/28) LinkedInFacebookTwitterEmail this Story
  Tax Spotlight 
  • De minimis partner rule removed from regulations
    The Internal Revenue Service issued final regulations that remove the rule allowing partnerships to ignore the tax attributes of de minimis partners when determining whether special allocations have substantial economic effect. Although commentators suggested several alternative approaches, the IRS is eliminating and not replacing the de minimis rule. JournalofAccountancy.com (12/26) LinkedInFacebookTwitterEmail this Story
  Market Update 
  International View 
  • France will rewrite 75% tax rate thrown out by court
    French Prime Minister Jean-Marc Ayrault said the government will revise a law imposing a 75% tax on its wealthiest residents after the Constitutional Council overturned the original law as "excessive" and a "breach of equality of taxes." The revised proposal will be included in the government's 2013 budget, he said. "The government will propose a new system that conforms with the principles laid down by the decision of the Constitutional Council," Ayrault said. France 24 (12/29), Reuters (12/29) LinkedInFacebookTwitterEmail this Story
  Here & There 
  • Where do the most charitable Americans live?
    The average American donates $298 in cash each year to charities, according to Esri, the world's leader in geographic information systems. ZIP codes with residents who contribute the most cash to charities on average, at least $1,500 annually, are 10514 (Chappaqua, N.Y.), 60043 (Kenilworth, Ill.), 22066 (Great Falls, Va.), and 94027 (Atherton, Calif.). SmartBrief/SmartBlog on Finance (12/30) LinkedInFacebookTwitterEmail this Story
  Leadership & Trends 
  • The good news for CPAs in 2012
      
    One of the top "feel-good" stories for accountants in 2012 was a survey from Careerbliss.com that found that being an accountant is the eighth happiest job in America, writes James Schiavone, an AICPA staffer. Other stories captured in his roundup of significant articles for the industry throughout the year: the 2011 class of accounting graduates could expect to be paid 20% more than the average graduate and that accounting firms regained 87% of the jobs they lost, compared with the legal profession's 17%. AICPA Insights (12/28) 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 
  • Attend these upcoming webinars on "fiscal cliff" and planning issues with the 3.8% Medicare surtax
      
    As tax practitioners and personal financial planners, you expect frequent changes to the tax laws, but the implications for this year are significant and could have a substantial impact on the economy, leading you into one of the most challenging tax seasons yet. The AICPA has the education you need to address the "fiscal cliff" and the new 3.8% Medicare surtax with your individual clients. Join us for the Fiscal Cliff Settlement webinar, to be held 1 to 2:45 p.m. ET on Jan. 9, and the Compliance and Planning Issues with the 3.8% Medicare Surtax webinar, to be held 1 to 2:45 p.m. ET on Jan. 17. These webinars are free for PFP Section members, inclusive of PFS credential holders, and Tax Section members without CPE. LinkedInFacebookTwitterEmail this Story

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  Editor's Note 
  • CPA Letter Daily will not publish Tuesday
    CPA Letter Daily will not publish tomorrow in observance of New Year's Day. Publication will resume Wednesday. LinkedInFacebookTwitterEmail this Story
  SmartQuote 
Never tell your resolution beforehand, or it's twice as onerous a duty."
--John Selden,
English jurist and scholar


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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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