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November 20, 2012
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  Top Story 
  • Market is driving toward sustainability reporting
    Global demand for sustainability reporting and assurance is growing as social and environmentally responsible investing gains momentum, writes Amy Pawlicki, director of business reporting, assurance and advisory services and XBRL at the AICPA. Investment hubs, such as Singapore and London, are creating investment exchanges devoted to socially responsible issuers and consumer demand for environmentally friendly products is surging around the world. The AICPA has been a long-time supporter of integrated reporting through various endeavors and discussion papers. Currently, the AICPA is leading efforts to draft a position paper on materiality for the International Integrated Reporting Council. AICPA Insights (11/19) LinkedInFacebookTwitterEmail this Story

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  Financial Focus 
  • Sales of existing U.S. homes increase
    Sales of previously owned homes in the U.S. increased 11% last month compared with October 2011, the National Association of Realtors said. The inventory of unsold homes shrank to its smallest in a decade. The National Association of Home Builders/Wells Fargo index of builder sentiment this month shows that confidence is at its highest level in six years. Google/The Associated Press (11/19), Bloomberg (11/19), (11/19) LinkedInFacebookTwitterEmail this Story
  • Manufacturing returns but without blue-collar jobs
    Manufacturing is growing fast in the U.S. and other major economies but the nature of factory work has changed and the number of traditional factory jobs has decreased, according to a study by the McKinsey Global Institute. Worldwide manufacturing contributed to 37% of productivity growth between 1995 and 2005, but employment fell 24% in that period, the study found. The Washington Post/Wonkblog (11/19) LinkedInFacebookTwitterEmail this Story
New & improved: Interactive Tax Checklists speeds tax preparation!
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  A&A Report 
  • 4 ways internal auditors can sharpen soft skills
    Companies are increasingly turning to internal auditors to identify operational risks, provide business advice and analyze information at the speed of light. With so much on internal auditors' plates, effective communication can easily be overlooked. Here's a look at why communication is such a vital tool in an internal auditor's armory. CGMA Magazine (11/20) LinkedInFacebookTwitterEmail this Story
  Tax Spotlight 
  Market Update 
  • Bond covenants weaken as demand rises, Moody's says
    Increasing demand for high-yield bonds is prompting a corresponding decline in the quality of protective covenants that investors will accept, according to Moody's Investors Service. "There is so much demand that issuers have more flexibility to weaken their covenant package," said Alexander Dill, head of covenant research. The broader worry is a possible bubble in the market. Financial News Online (U.K.) (subscription required) (11/19) LinkedInFacebookTwitterEmail this Story
  Policy & Regulatory 
  • SEC ramps up oversight of exchanges
    The Securities and Exchange Commission is responding to technological advancements and other changes in trading by expanding its examinations of how new products are developed by exchanges. The move comes amid concerns that some order types give high-frequency traders an unfair advantage. The Wall Street Journal (11/19) LinkedInFacebookTwitterEmail this Story
  International View 
  • France loses AAA rating from Moody's
    Moody's Investors Service downgraded France's government-debt rating one step, from AAA to Aa1. The credit rating agency cited the country's weak outlook for long-term growth, reduced competitiveness and inflexibility in labor, service and goods markets. Standard & Poor's downgraded France in January. France 24/Agence France-Presse (11/19), Forbes (11/19), CNBC (11/19) LinkedInFacebookTwitterEmail this Story
  Leadership & Trends 
  • Former AICPA chair named deputy president of IFAC
    Olivia Kirtley, a member of the AICPA's governing council and former AICPA board chairman, has been named deputy president of the International Federation of Accountants board. Kirtley, who serves on several corporate boards, will lead IFAC's Planning and Finance Committee and Constitution Review Working Group and serve as a member of the Nominating Committee and the IFAC Regulatory Liaison Group. (11/20) LinkedInFacebookTwitterEmail this Story
  AICPA News 
  • Free webinar: Post–Election: Now What? How CPA Financial Planners Can Advise Their Clients
    With the election behind us and a little over a month to trigger planning strategies prior to year-end, hear how leading practitioners are advising their clients on financial planning opportunities given the current political climate and potential changes to the income and estate tax laws. Register now for this event to be held at 1 to 2:15 p.m. ET on Nov. 28. This webinar is a rebroadcast of the Nov. 14 event and is free to everyone. No CPE is offered. LinkedInFacebookTwitterEmail this Story

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--Albert Camus,
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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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