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November 13, 2012
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  Top Story 
  • CEOs press Congress to deal with deficit: As Republican and Democratic lawmakers prepare for upcoming discussions over the U.S. "fiscal cliff," corporate executives are launching their own media-based campaigns. The Campaign to Fix the Debt expects to spend more than $1 million on advertisements with slogans such as "Just Fix It." The Business Roundtable is ready to spend about $500,000 on similar messages focused on media in the Washington, D.C., area. The New York Times (tiered subscription model) (11/11) LinkedInFacebookTwitterEmail this Story
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  Financial Focus 
  • Wealthy U.S. investors accelerate asset sales
    Faced with what could be a substantial increase in the capital gains tax Jan. 1, many high-net-worth individuals are selling assets, wealth advisers said. Their selling will have a disproportionate effect on U.S. financial markets because America's richest 1% control more than half of U.S. stocks. CNBC (11/12) LinkedInFacebookTwitterEmail this Story
  • Corporate earnings rise despite weak revenue
    This earnings season has shown that corporate America has been able to increase profit amid flat or declining revenue by squeezing expenses, such as employees' pay. About 70% of 428 companies that have reported third-quarter results have topped analysts' projections for profitability, according to FactSet. The Washington Post (11/12) LinkedInFacebookTwitterEmail this Story
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  A&A Report 
  • Impairment concept changes significantly in FASB's developing model
    The new Current Expected Credit Loss model the Financial Accounting Standards Board is developing for financial instruments treats impairment as the amount that an entity is not expecting to collect. FASB member Lawrence Smith said that is a significant change from existing GAAP, which recognizes impairment as the result of an incurred loss event whose occurrence is probable as of the reporting period. An exposure draft is expected before the end of the year. (11/12) LinkedInFacebookTwitterEmail this Story
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  Tax Spotlight 
  • Lessons from the first 2 years of Schedule UTP filings
    This year, the threshold for filing Schedule UTP, Uncertain Tax Position Statement, dropped to $50 million in assets. The schedule has now been in use for two years, but the Internal Revenue Service and tax practitioners are still learning how to manage the new filing requirement. Here are some lessons to be learned from the first filings and things to watch out for going forward. Journal of Accountancy (11/2012) LinkedInFacebookTwitterEmail this Story
  Policy & Regulatory 
  International View 
  • Eurozone gives Greece 2 extra years to meet debt targets
    Eurozone finance ministers will give Greece two extra years to meet debt-reduction targets, but postponed for a week a decision on releasing Greece's bailout money. International Monetary Fund Managing Director Christine Lagarde said issues relating to Greece's timetable for scaling back its debt needed to be resolved. Kathimerini (Greece) (11/13), Reuters (11/12) LinkedInFacebookTwitterEmail this Story
  Here & There 
  • "Fiscal cliff" will hurt states with high, low median incomes
    Families in New Jersey, Maryland and Connecticut, states with a high median income, would see a tax increase of 6.6% to 6.8% if the tax increases in the "fiscal cliff" go into effect, according to the Tax Foundation. West Virginia, Arkansas and Mississippi, which have a low median income, would also be hurt by the expiration of the 10% income tax bracket and the standard deduction for married filers. The Hill/On the Money blog (11/12) LinkedInFacebookTwitterEmail this Story
  Leadership & Trends 
  • Why CPAs should use YouTube
    YouTube is the second-largest search engine because people want to be shown, not told, how to do something, writes Stacie Saunders, the AICPA's strategist of social media and member engagement. That is why CPAs need a presence on YouTube. "Go ahead, visit YouTube and search for accounting related keywords and see what you find," Saunders writes. The AICPA has just launched a YouTube User Guide in the CPA Marketing Toolkit to help members use this channel. AICPA Insights (11/12) LinkedInFacebookTwitterEmail this Story

  AICPA News 
  • Register today: Learn how to leverage LinkedIn to advance your business
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For the happiest life, rigorously plan your days, leave your nights open to chance."
--Mignon McLaughlin,
American author and journalist

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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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