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February 7, 2012
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American Institute of CPAsCPA Letter Daily / The News Source CPAs Count On
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  Top Story 
  • U.S. unemployment data exclude millions who stopped job search
    The drop in the U.S. unemployment rate, now at its lowest in three years, masks the fact that millions of unemployed people aren't counted because they've given up the search for work. The unemployment rate would be 9.9%, not 8.3%, if official statistics counted the 2.8 million people who stopped looking for jobs. The Washington Post (2/6) LinkedInFacebookTwitterEmail this Story
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  Financial Focus 
  • Some banks return SBA lending to level before boom
    The Small Business Administration reported that the pace of new loans backed by the agency has returned to pre-boom levels in the Washington, D.C., area. "We are seeing numbers back to the pre-recession pace; we're off to a start that can lead us to project a really great year for 2012," said Bridget Bean, who oversees the Washington region for the SBA. "It's a great sign that we have the infrastructure and the economic ecosystem here to support this kind of lending to our small businesses." The Washington Post (1/30) LinkedInFacebookTwitterEmail this Story
  • More young CEOs are leading large public companies
    Facebook CEO Mark Zuckerberg, 27, will be the youngest top executive at a Fortune 1000 company once Facebook goes public, according to an analysis by Korn/Ferry International. The Conference Board found that the average age of incoming CEOs at S&P 500 companies in 2010 was 52.9, down from 54.7 in 2006. The Wall Street Journal (2/7) LinkedInFacebookTwitterEmail this Story
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  A&A Report 
  Tax Season Watch 
71 days left to file tax returns

  • Separate IRS power of attorney forms required from married couples
    The Internal Revenue Service’s new power of attorney form has one major difference from the prior version: Married couples who file joint tax returns can no longer file a joint Form 2848 to designate a representative. The new form also requires the representative’s PTIN. The IRS has indicated it will soon stop accepting old versions of the power of attorney form. (2/6) LinkedInFacebookTwitterEmail this Story
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  Policy & Regulatory 
  • SEC prepares to reveal plan to stabilize money market funds
    The Securities and Exchange Commission soon will outline its plan to stabilize the $2.7 trillion money market fund industry, sources said. The goal is to minimize investor losses in the event of another financial crisis. However, insiders warn that the new rules could hinder returns and hurt confidence in the industry. "Money market funds remain susceptible to runs and to a sudden deterioration in quality of holdings, and we need to move forward with some concrete ideas for proposals to address these structural risks," said SEC Chairman Mary Schapiro. The Wall Street Journal (2/7) LinkedInFacebookTwitterEmail this Story
  • U.S. lawmakers steer $300M to projects near their properties
    Thirty-three members of Congress have steered more than $300 million in U.S. government money to projects near, and sometimes right next to, their own properties. For example, Sen. Richard Shelby, R-Ala., directed more than $100 million to an urban renovation project adjacent to an office building he owns in Tuscaloosa. The Washington Post (2/6) LinkedInFacebookTwitterEmail this Story
  International View 
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  Leadership & Trends 
  • Good analysis will unlock the potential of Big Data, CEB says
    Companies increasingly are producing huge amounts of data, but they don't know how to use it, Corporate Executive Board's Tom Monahan and Michael Griffin write. Chief financial officers should focus on training staff to use information to drive better decision-making. Success will come to those companies that combine smart processes with analytic talent, Monahan and Griffin write. The Wall Street Journal/CFO Journal (tiered subscription model) (2/6) LinkedInFacebookTwitterEmail this Story
  AICPA News 
  • Purchase today: Understand how, as CFO, you can meet new expectations
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  • CAQ releases video that explains financial statement audits
    The Center for Audit Quality, affiliated with the AICPA, released a video yesterday that explains how independent external auditors evaluate a public company’s financial statements. The video is the second in a series of educational videos designed to inform investors of the system protecting their interests, and is available on the CAQ's website, LinkedInFacebookTwitterEmail this Story
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A determined soul will do more with a rusty monkey wrench than a loafer will accomplish with all the tools in a machine shop."
--Robert Hughes,
Australian-American art critic, filmmaker and writer

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The American Institute of Certified Public Accountants, founded in 1887, is the world's largest organization representing the accounting profession, with nearly 370,000 members in 128 countries. AICPA members represent many areas of practice, including business and industry, public practice, government, education, and consulting; membership is also available to accounting students and CPA candidates. 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.

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