House passes interim measure to avert government shutdown | Nasdaq, SharesPost partner to launch Nasdaq Private Market | IASB supports expected-loss model for banks
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March 7, 2013
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Business Finance Today
House passes interim measure to avert government shutdown
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Reuters
The House passed a bill in a 267-151 vote that would fund government programs through Sept. 30, to avoid a shutdown March 27. Some attendees of a dinner meeting between President Barack Obama and Senate Republican leaders are more optimistic that Democrats and Republicans can reach an agreement on the budget and debt. Reuters (3/7), USA Today (3/6), The Hill (3/6)
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Nasdaq, SharesPost partner to launch Nasdaq Private Market
Nasdaq OMX Group is partnering with SharesPost to launch a marketplace called Nasdaq Private Market, in which shares of unlisted companies will trade. They hope to debut the platform later this year. Reuters (3/6)
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Your Bottom Line
IASB supports expected-loss model for banks
The International Accounting Standards Board has thrown its weight behind the expected-loss model, saying banks should identify credit-portfolio losses before assets going into default. The approach is inconsistent with the Financial Accounting Standards Board's position, which came out in December. Bloomberg Businessweek (3/7), The Economist (tiered subscription model)/Schumpeter blog (3/7)
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CFOs and accountants can hinder innovation, research suggests
CFOs and accountants can blunt businesses' innovation because they embrace accounting conservatism and often oppose changes that are disruptive but necessary, according to a research paper by Gilles Hilary, INSEAD associate professor of accounting and control. The fundamental problem is that accounting conservatism requires immediate recognition of possible losses but postpones recognition of revenue until it can be verified, the paper says. Knowledge.Insead.edu (3/7)
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How to build CFO-CMO cooperation
There is a communication gap between CFOs and chief marketing officers, a study shows. According to the study, CFOs report receiving less information from CMOs than marketing chiefs report sharing. In this blog post, Gene Morphis and Kimberly Whitler look at this issue and present steps these executives can take to improve communication. Harvard Business Review online/HBR blog network (3/6)
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In the C-Suite
Have your career strengths become liabilities?
Qualities considered strengths in the workplace, such as creativity and preparation, can be debilitating if taken too far, author Jake Breeden says. For instance, a boss who is determined to be fair to everyone might end up rewarding poor performers. Take an online quiz to see whether you possess one of these "unexamined virtues." CNNMoney/Fortune (3/6)
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Business tips from an octopus' tentacle
Some octopuses change color to blend in with their surroundings, but they do so by delegating decisions about coloration to individual skin cells, writes Rafe Sagarin. Business leaders, too, can often achieve better results by leaving key decisions to individual workers. "[D]ecentralized organization yields faster, cheaper, and more effective solutions to complex problems," Sagarin writes. Harvard Business Review online/HBR Blog Network (3/5)
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On the Move
Kim Jabal becomes Path's first CFO
Jabal was vice president of finance at Lytro and has held several finance positions at Google. All Things D (3/6)
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Editor's Note
Help SmartBrief cover SXSW Interactive!
SmartBrief will cover the South by Southwest Interactive Festival through Tuesday in Austin, Texas, and we need your help! SXSW has too many must-see events for our staff to cover, so we're turning to readers to help document the best panels as blog contributors. If you're headed to Austin and want to contribute to SmartBrief's blogs on social media, leadership, finance, food and beverage or education, check out our guest-post guidelines and send a note to Jesse Stanchak.
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SmartQuote
Engineers inside Sony viewed the hard disk technology used in Apple's iPod as beneath them, so they went their own way. These innovators had brains full of ideas. Their problem wasn't too few ideas. Their problem was too much narcissism"
-- Jake Breeden, a faculty member at Duke Corporate Education, writing in "Tipping Sacred Cows: Kick the Bad Work Habits That Masquerade as Virtues," as quoted by CNNMoney/Fortune
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