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February 7, 2013
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  Top Story 
  • Congress works to avert $1 trillion in automatic budget cuts
    Senate Democrats say they are putting the final touches on legislation to prevent $1 trillion in across-the-board spending cuts from taking effect March 1. The bill's proponents say the measure is needed to prevent layoffs and furloughs from affecting government operations. Republicans say any effort to avoid the automatic cuts will have to rely solely on program reductions and not involve new or increased taxes. The New York Times (tiered subscription model) (2/6) LinkedInFacebookTwitterEmail this Story
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  Financial Focus 
2013 AICPA Conference on Doing Business in China
May 30-31, Washington, DC: Get strategic insights and practical solutions for doing business in China. This one and one-half day seminar features expert speakers and a full agenda of sessions on the latest business trends evolving in China. Hurry - Super Early Bird Discount ends 2/19/13. > Register Now
  A&A Report 
  Tax Season Watch 
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  Advisory Services 
  Policy & Regulatory 
  • SEC is asked to shorten reporting deadlines for investors
    The Society of Corporate Secretaries and Governance Professionals and the National Investor Relations Institute are seeking to have the Securities and Exchange Commission shorten the time that institutional investors have to report their holdings in companies to two days after the end of a quarter, from the current 45. The petition is posted on the SEC's website. The Wall Street Journal/CFO Journal (2/6) LinkedInFacebookTwitterEmail this Story
  • Suit highlights government's lack of action on rating firms
    A federal lawsuit against Standard & Poor's over the rating of mortgage-backed securities contends that S&P and other rating firms have a conflict of interest in rating investments for firms that pay their fee. The government alleges that this inherent conflict contributed to the economic crisis of the last four years. At the same time, the action highlights the government's failure to enact measures to regulate the rating industry. The Washington Post (2/6) LinkedInFacebookTwitterEmail this Story
  International View 
  • Canada starts to say goodbye to its penny
    The Royal Canadian Mint has stopped distribution of the Canadian penny to financial institutions, bringing the coin one stop closer to extinction. There are still 35 billion pennies in circulation, however. Businesses are rounding prices to the nearest 5-cent point in anticipation of the coin's eventual demise. National Post (Canada) (2/4) LinkedInFacebookTwitterEmail this Story
  • Analysis: India's hot stock market could be good for the country
    The frothy prices on India's high-flying stock market will benefit the nation if they bring much-needed capital to banks, power generation utilities, steel makers, telecoms, property and infrastructure firms that need to bolster their equity, as well as the government when it sells shares in state-owned enterprises, according to The Economist. "Taking all these needs into account, India could quite happily gobble up $50 billion-100 billion of equity capital," the magazine notes. The Economist (tiered subscription model) (2/2) LinkedInFacebookTwitterEmail this Story
  Emerging Technology 
  • CPAs moving into the mobile app business
    With the digital delivery of products and services emerging as a top technology trend, CPAs are beginning to explore the development of mobile apps. What they have found so far is that the path to the Apple App Store can be riddled with pitfalls. Find out how you can create and distribute a mobile app that boosts your business or career. Journal of Accountancy (2/2013) LinkedInFacebookTwitterEmail this Story
  AICPA News 
  • GAQC releases updated illustrative Yellow Book and A-133 illustrative reports
    On Feb. 5, the AICPA's Governmental Audit Quality Center released updated illustrative reports for audits performed under Government Auditing Standards (Yellow Book), as well as under Office of Management and Budget Circular A-133,Audits of States, Local Governments, and Non-Profit Organizations that reflect the AICPA clarity auditing standards and the 2011 revisions to the Yellow Book. Access the reports on the GAQC website. Read GAQC Alert #212 for a summary of key changes and a status of other illustrative reports for state and local government financial statement audits and U.S. Department of Housing and Urban Development compliance audits of for-profit entities. LinkedInFacebookTwitterEmail this Story
  • Free webinar: PFP Power Hour
    Join the AICPA PFP Section staff and Advanced PFP Conference Chair, Scott Sprinkle, for the first quarterly issues update call of 2013, to be held 3 to 4 p.m. ET on Feb. 14. Hear the latest news from the PFP Section, including new member benefits and legislative and regulatory developments affecting CPA financial planners. Attendees will be able to submit questions during the live call via an interactive Q&A panel. Register now. This webinar is free to everyone; no CPE offered. LinkedInFacebookTwitterEmail this Story

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Boredom is the feeling that everything is a waste of time; serenity, that nothing is."
--Thomas Szasz,
Hungarian psychiatrist and academic

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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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