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February 13, 2013
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  Top Story 
  • GOP's Rubio says Obama's economic plans will damage the middle class: Sen. Marco Rubio, R-Fla., disagreed with President Barack Obama's economic policy in his response to Tuesday's State of the Union speech. "The tax increases and the deficit spending you propose will hurt middle class families," Rubio said of the president. "...It may even cost some of them their jobs." CNN (2/13) LinkedInFacebookTwitterEmail this Story
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  Financial Focus 
  • U.S. makes surprise shift to budget surplus
    Economists were caught by surprise when the U.S. budget, for the first time in five years, posted a surplus for January. The $3 billion surplus reduced the cumulative deficit for this fiscal year by 17%. The Congressional Budget Office says the government received an extra $9 billion because a payroll-tax reduction expired Dec. 31. Reuters (2/12) LinkedInFacebookTwitterEmail this Story
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  A&A Report 
  • Private Company Council advances three issues for deeper study
    The new Private Company Council on Tuesday formally added three items to its agenda for consideration of possible GAAP exceptions for private companies. Intangible assets in business combinations, variable-interest entities, and “plain vanilla” interest rate swaps all will get further examination by the PCC. Accounting for uncertain tax positions will not be added to the PCC agenda. Meanwhile two new items were slated for preliminary review. (2/12) LinkedInFacebookTwitterEmail this Story
  • FASB releases XBRL guidance
    The Financial Accounting Standards Board has released proposed new guidance for XBRL implementation. It is the first in a series of guidance to help users assess how certain disclosures should be structured and tagged. The guidance just released, U.S. GAAP Financial Reporting Taxonomy Implementation Guide -- Subsequent Events, covers the declaration of dividends and common stock issuance, common stock repurchase, and a new credit facility, as well as a business acquisition. Compliance Week/Accounting & Auditing blog (2/11) LinkedInFacebookTwitterEmail this Story
  • Other News
 FREE News Alerts from the Journal of Accountancy
This tax season, get breaking news alerts from the Journal of Accountancy on your smartphone or tablet with the free AlertRocket app. Click here to download it on your mobile device.

  Tax Season Watch 
62 days left to file tax returns

  • Recent changes affecting partners and partnerships
    A number of developments have occurred in the past year affecting partnership formation, debt and income allocation, distributions, and basis adjustments. Hughlene Burton, CPA, reviews and analyzes recent court cases, IRS rulings, and Treasury regulations involving partnerships. The Tax Adviser (2/2013) LinkedInFacebookTwitterEmail this Story
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  Policy & Regulatory 
  • SEC asked to reconsider arbitration clauses in adviser contracts
    Massachusetts Secretary of the Commonwealth William F. Galvin wants the Securities and Exchange Commission to remove clauses in contracts between registered investment advisers and their clients that bind clients to mandatory arbitration to settle disputes. "At a minimum, the commission should commence a study of the issues raised by these provisions," Galvin wrote in a letter to the SEC. The Wall Street Journal (2/12) LinkedInFacebookTwitterEmail this Story
  • House committee sets up working groups for tax reform
    The House Ways and Means Committee, led by Rep. Dave Camp, R-Mich., will shortly announce 11 working groups dedicated to tax reform. The groups will focus on fact- finding in manufacturing, small businesses, charitable and tax-exempt organizations, education and family benefits, energy, financial services, real estate, capital markets, income and tax distribution, international issues and pensions and retirement. Committee members from both parties will be on the working groups. The Hill/On the Money blog (2/12) LinkedInFacebookTwitterEmail this Story
  • Fed presidents say industry's money-fund ideas aren't enough
    The presidents of the 12 regional Federal Reserve banks wrote in a letter to the Financial Stability Oversight Council that industry-backed ideas such as "redemption gates" are not enough to stabilize money market mutual funds. "[W]e do not believe this reform proposal contains the fundamental elements needed to address the financial stability risks posed by MMFs," according to the letter. Reuters (2/12) LinkedInFacebookTwitterEmail this Story
  International View 
  • Italy tests demand for 30-year debt
    Italy is offering a 30-year bond for the first time since May 2011. The auction will give the government an idea of whether investors are worried about an upcoming national election. The sale is offering €6.75 billion in debt, with maturity as short as thee years. Reuters (2/13) LinkedInFacebookTwitterEmail this Story
  AICPA News 
  • Explore all that AICPA TV has to offer
    AICPA TV is an online platform and central repository for all AICPA and CGMA videos providing members and the public easy access to over 280 programs. Use the search capability to find specific programs based on user defined keywords and professional categories or simply browse based on subject and interest area. Videos can then be shared on LinkedIn, Twitter or Facebook with a single click or downloaded in a variety of formats. With more than 30 award-winning programs, AICPA TV is a constantly expanding library and a key resource for accounting professionals worldwide. Visit AICPA TV at LinkedInFacebookTwitterEmail this Story

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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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