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April 13, 2012
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American Institute of CPAsCPA Letter Daily / The News Source CPAs Count On
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  Top Story 
  • Initial unemployment claims in the U.S. rise
    More Americans filed first-time claims for jobless benefits in the week ended April 7 than at any time since Jan. 28. Initial unemployment claims increased by 13,000 to 380,000, the Labor Department said. Bloomberg (4/12) LinkedInFacebookTwitterEmail this Story
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  Financial Focus 
  • Global oil prices will fall as tightening ends, IEA says
    A two-year trend of tightening in the oil market has reversed after Saudi Arabia boosted production and demand weakened, the International Energy Agency said. "Easing first quarter 2012 fundamentals have seen prices recently lose most of the $5 per barrel they gained in March," according to the IEA. "The muted impact so far is partly because much of this extra supply has been stockpiled on land or at sea." Reuters (4/12), Bloomberg (4/12), Oil & Gas Journal (4/12) LinkedInFacebookTwitterEmail this Story
  A&A Report 
  • FASB addresses going-concern disclosures
    The Financial Accounting Standards Board will not require qualitative disclosures about an entity's ability to remain a going concern that would supplement the proposed quantitative disclosures about liquidity risks, according to a decision reached Wednesday. Earlier in the week, FASB also issued proposals on three EITF issues. (4/12) LinkedInFacebookTwitterEmail this Story
  • Why private companies may want to switch to IFRS soon
    This is the year that many private companies may decide to adopt International Financial Reporting Standards, Remi Forgeas writes. The cost for transitioning to IFRS may be lower than expected for some companies, especially for smaller companies that will benefit from simplified standards. The first step for making the switch to IFRS is to assign responsibility for planning and managing the transition. Business Finance (4/12) LinkedInFacebookTwitterEmail this Story
  • CFOs face roadblocks to cloud-computing due diligence
    Finance chiefs who are responsible for conducting due diligence of their cloud-computing providers may face barriers because of the industry's relative newness. Obstacles include a lack of legal and regulatory guidance and rapid changes in the market for services. Currently, a company's contract with a cloud provider offers the best means for managing the relationship. However, CFOs may still have trouble negotiating favorable terms. The AICPA offers attestation engagements on controls at service organizations and cloud-computing providers; visit (4/11) LinkedInFacebookTwitterEmail this Story
  Tax Season Watch 
5 days left to file tax returns

  • Helping clients plan for tax uncertainty
    With various tax breaks expired or expiring and talk of lower tax rates dominating the presidential race, now is the time to help clients understand and plan for coming tax changes. Providing information on tax proposals provides a good starting point for tax planning discussions with clients. This article talks about how to get the ball rolling. The Tax Insider (4/12) LinkedInFacebookTwitterEmail this Story
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  Policy & Regulatory 
  • State tax revenues are making a comeback
    State governments that have been struggling since the recession to provide basic services and balance budgets are getting some relief from rising tax revenues. In the fiscal year that ended in June for most states, tax revenues increased 8.9% over the previous year, the U.S. Census Bureau reported. The Washington Post (4/12) LinkedInFacebookTwitterEmail this Story
  • Rep. Bachus plans to revise bill on financial-adviser regulation
    A revised bill placing financial advisers under the supervision of a self-regulatory organization is expected next week from Rep. Spencer Bachus, R-Ala., chairman of the House Financial Services Committee. The bill could be "significantly different" from a discussion draft circulated by Bachus, said Duane Thompson, senior policy analyst at fi360, an investment-education consultancy. Since early 2009, the AICPA has advocated its position that investment adviser oversight remain with the SEC and states in lieu of shifting to an independent SRO or FINRA. Read more about the AICPA's positions here. AdvisorOne (4/12) LinkedInFacebookTwitterEmail this Story
  • Other News
  International View 
  • China posts 8.1% economic growth for Q1
    Growth of China's gross domestic product fell to 8.1% in the first quarter compared with Q1 of 2011, the smallest expansion since 2009, the National Bureau of Statistics said. Spokesman Sheng Laiyun said the rate was not low considering difficult global economic conditions. (China) (4/13), MarketWatch (4/13) LinkedInFacebookTwitterEmail this Story
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  AICPA News 
  • WLIFE award winners ring Opening Bell at NYSE
    The AICPA, the Society for Human Resource Management and the winners of the 2011 Workplace Leaders in Financial Education award rang the Opening Bell at the New York Stock Exchange this past Monday to honor the winners and help kick off the NYSE's Financial Literacy Week. Watch a video of the opening ceremony. Year two for the WLIFE awards will begin later this month. The WLIFE award honors employers with exemplary employee financial education programs. LinkedInFacebookTwitterEmail this Story
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Correction does much, but encouragement does more."
--Johann Wolfgang von Goethe,
German writer and scientist

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The American Institute of Certified Public Accountants is the world’s largest association representing the accounting profession, with nearly 377,000 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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