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November 14, 2012
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  Top Story 
  • Obama seeks higher taxes for wealthy and corporations
    President Barack Obama will open negotiations with congressional Republicans aimed at averting the "fiscal cliff" with a proposal that the rich and corporations pay $1.6 trillion in additional taxes during the next decade, White House officials said. That is twice as much as House Speaker John Boehner, R-Ohio, agreed to during talks with the Obama administration last year. The Washington Post (11/13), CNN (11/14), The Hill (11/13) LinkedInFacebookTwitterEmail this Story
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  Financial Focus 
AICPA Advanced Personal Financial Planning Conference
January 21-23, 2013, Las Vegas: This must-attend event for financial planning professionals will provide you with timely strategies and guidance on Investment Management, Practice Management, Wealth Management, PrimePlus Eldercare/Retirement and more. > Register Now
  A&A Report 
  • Regulators examine nontraditional metrics in earnings reports
    Securities regulators are targeting nontraditional metrics that companies are using in their financial reports, such as "paid membership rates," "active users" or "cumulative customers." The Securities and Exchange Commission's Division of Corporation Finance wants to make sure such metrics are clearly linked to a company's results. The SEC also is concerned about how the metrics are presented in the reports. The Wall Street Journal (11/13) LinkedInFacebookTwitterEmail this Story
  • Accounting for Sandy presents challenges for companies
    The damage from superstorm Sandy likely will not be classified as "extraordinary" for financial reporting purposes, according to a report from PricewaterhouseCoopers. Companies should consider using non-GAAP measures and additional disclosures in their financial reports to describe losses due to Sandy, but should be careful not to employ measures or disclosures that mislead, PwC advises. The Wall Street Journal/CFO Journal (tiered subscription model) (11/13) LinkedInFacebookTwitterEmail this Story
  Tax Spotlight 
  • IRS asks for comments on the Form 1099-C nonpayment testing period
    Financial entities must issue a Form 1099-C if a debtor has not made payments on a debt in 36 months. However, this "nonpayment testing period," which was designed to bring clarity to the Form 1099-C rules, is causing confusion for debtors and creditors, and the Internal Revenue Service is asking for comments on whether it should retain the requirement and, if so, how it should be modified. (11/13) LinkedInFacebookTwitterEmail this Story

  Market Update 
  • Lockup of 777 million Facebook shares ends today
    The lockup of 777 million Facebook shares, held mostly by rank-and-file employees, ends today, making them available for trading. The prospect of so many shares coming to market has investors nervous. In August, when the first lockup ended, the share price dropped 6%, to a then-record-low $19.87. USA Today (11/13) LinkedInFacebookTwitterEmail this Story
  Policy & Regulatory 
  • Capping deductions wouldn't cut deficit, Geithner says
    Limiting tax deductions and closing loopholes wouldn't bring in enough money for the U.S. to reduce its long-term budget deficit, Treasury Secretary Timothy Geithner said. "When you take a cold, hard look at the amount of resources you can raise from that top 2% of Americans through limiting deductions, you will find yourself disappointed relative to the magnitude of the revenue increases that we need," he said. Bloomberg (11/14), The Hill/On The Money blog (11/13) LinkedInFacebookTwitterEmail this Story
  • SEC broadens Knight inquiry to include risk controls
    The Securities and Exchange Commission is examining risk controls at Knight Capital Group to determine whether the firm adequately supervised trading before a large loss in August. The regulator wants to know whether Knight complies with the SEC's market-access rule, which requires companies to take precaution against serious technology problems, including computer failure. The Wall Street Journal (11/13) LinkedInFacebookTwitterEmail this Story
  International View 
  • European officials debate financial-transaction tax
    German Finance Minister Wolfgang Schaeuble said at a meeting with peers that they should proceed with a tax on financial transactions. For the European Commission to design a tax for willing nations, the European Parliament and all EU nations must agree. The U.K., Poland and other nations wary of the tax say they won't let willing nations implement it unless they have more information about possible effects. Bloomberg Businessweek (11/13) LinkedInFacebookTwitterEmail this Story
  Leadership & Trends 
  • Windows 8: Should you make the switch?
    The tile-based, touchscreen-optimized interface of Windows 8 illustrates that Microsoft is going mobile with its venerable operating system. The question is, should you and your firm or company go along for the ride? J. Carlton Collins, CPA, author of the Journal of Accountancy's popular Technology Q&A column, explores the most dramatically different Windows in two decades and examines the role mobile devices should play in your decision to jump or wait on Windows 8. Earn CPE and learn more about Windows 8 from J. Carlton Collins in the Journal of Accountancy webinar Windows 8 -- What CPAs Need to Know to be held 3 to 4 p.m. ET on Dec. 5. Journal of Accountancy (11/2012) LinkedInFacebookTwitterEmail this Story
  AICPA News 
  • Profession's continuing evolution highlighted in AICPA 2011-2012 Annual Report
    The AICPA's Annual Report covering August 1, 2011, through July 31, 2012, is now available on In celebration of the AICPA's 125th anniversary, this year's annual report highlights the evolution of the CPA profession and the AICPA, as well as the year's important achievements and initiatives. It also features a timeline depicting the history of the CPA profession, which is available in both interactive and PDF formats. LinkedInFacebookTwitterEmail this Story
  • Don't miss the first-ever, CPA-focused cloud conference
    Learn how to profitably provide value-added business process outsourcing and outsourced CFO services via a cloud-based platform at the Digital CPA: 2012 CPA2Biz Cloud User Conference, to be held Dec. 5 to 7 in Washington, D.C. This conference will help you embrace cloud technology as a strategic opportunity to start or evolve your client accounting services, tax and audit practice into a digital firm of today. Register today. LinkedInFacebookTwitterEmail this Story

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Many of our fears are tissue-paper-thin, and a single courageous step would carry us clear through them."
--Brendan Francis Behan,
Irish writer

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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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