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February 20, 2013
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Brought to you by the American Institute of CPAs

  Accounting and Reporting Update 
 
  • Bringing XBRL tagging in-house can mean significant savings
    Cloud-based service providers for eXtensible Business Reporting Language can make bringing XBRL tagging in-house easier. More companies intend to in-source this process, according to the Financial Executives Research Foundation, which says 47% of large accelerated filers are planning this for the coming year. Once the process is running smoothly, in-sourcing can save about 30%, says Bill Myers, vice president of technical accounting and reporting at Eaton. CFO.com (1/23) LinkedInFacebookTwitterEmail this Story
  • Financial reporting for small and midsize businesses will improve with AICPA framework
      
    Small and midsize privately held, for-profit businesses will have another financial-reporting option when the Financial Reporting Framework for Small- and Medium-Sized Entities is finalized, writes Theresa Bible, senior vice president and credit manager at Enterprise Bank & Trust. The framework will be most appropriate for businesses that do not need financial statements based on generally accepted accounting principles, do not have complex financial statements, do not expect to change ownership in the near term and have a lower level of credit exposure, writes Bible, who is on the task force developing the framework. Banks will appreciate it, too, she says. "I know that in my own case, we will welcome the new framework because it will provide us with relevant information in a familiar way using traditional accounting principles," Bible writes. AICPA Insights (1/29) LinkedInFacebookTwitterEmail this Story

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  Emerging Trends 
  • Why companies are hoarding cash
    Corporate cash holdings are increasing, with public companies holding on average 12% of assets in cash, compared with 6% in 1995. There are several theories for the increase, such as tax avoidance, an uncertain global macroeconomic environment and growth of research and development. In some cases, the cash hoard does not benefit shareholders, prompting lawsuits, such as investor David Einhorn's against Apple. The New York Times (tiered subscription model)/Economix blog (2/12) LinkedInFacebookTwitterEmail this Story
  • CEOs address economic concerns by focusing on initiatives, customers
    Uncertain, volatile growth is a major area of concern for 81% of CEOs, according to PricewaterhouseCoopers' annual survey "Dealing With Disruption: Adapting to Survive and Thrive." Government debt and deficit (71%) and over-regulation (69%) also rank high. Other threats include a growing tax burden, talent availability and the cost of energy and raw materials. Respondents recommend targeting pockets of opportunity, concentrating on customers and improving operational effectiveness to cope with such challenges. CGMA Magazine (1/28) LinkedInFacebookTwitterEmail this Story
  • How high-performing companies excel
    Customer reach, operational agility, cost competitiveness and stakeholder confidence are four areas in which high-performing companies distinguish themselves, according to an Ernst & Young report. Also key is the recognition that these areas must mesh together and not exist in silos. Learn more about how to manage customer value with the CGMA Customer Value Tool. CGMA Magazine (1/16) LinkedInFacebookTwitterEmail this Story
  • Stanley Black & Decker generates return through training
    Stanley Black & Decker has found a way to generate monetary return from training, an area that is usually a financial loss for companies. Its program, Foundations of Financial Excellence, allows employees to suggest projects, even if they are not part of the workers' day-to-day responsibilities. The program consists of two sessions lasting a week that are four months apart. Most of the projects have dealt with productivity or process improvement. CFO.com (2/8) LinkedInFacebookTwitterEmail this Story
  • 3 things holding back your company's innovation
    Companies aspire to perpetual, unrelenting innovation, but few ever achieve that, Gerard Tellis writes. Instead, they are held back by fear of cannibalizing existing products, a focus on the present rather than the future, and risk aversion. "These three traits ... constitute what I call, the 'incumbent's curse,' " Tellis writes. Management-Issues (U.K.) (1/25) LinkedInFacebookTwitterEmail this Story
  • Other News
  Tax Corner 
  • Companies could lose as Congress tinkers with effective tax rate
    Corporate-tax reform could upend strategies and deductions that businesses have crafted over the years to make sure they pay the lowest possible effective tax rate. Goldman Sachs estimates that every 1-percentage-point increase in the effective tax rate for a major company would result in a 0.22-percentage-point drop in return on equity. TheFiscalTimes.com (2/8) LinkedInFacebookTwitterEmail this Story
  Leadership Lessons and Tips 
  • Why time management might not be working for you
    People often use time-management tactics to counteract impulses such as a desire to avoid unpleasant tasks or a need to feel busy, Howard Jacobson writes. People who don't understand these impulses or who are unwilling to confront them will almost always fail at time management. "Trying to build new habits on top of dysfunctional old ones works about as well as putting a new car body on top of a rusty old engine," Jacobson writes. Fast Company online (1/25) LinkedInFacebookTwitterEmail this Story
  • Finding finance talent remains a challenge for CFOs
    A majority of U.S. chief financial officers consider it challenging to find skilled finance professionals, according to Robert Half, which polled more than 1,400 CFOs. The fight for talent means skilled workers can command a higher salary and other perks, such as a flexible work arrangement. CGMA Magazine (2/7) LinkedInFacebookTwitterEmail this Story
  • Today's CFO evolves to fulfill company's unique needs
    The role of the chief financial officer has expanded to include not only the responsibilities of financial reporting, planning and capital structure, but also capital allocation, portfolio management and even acting as the face of the company to investors. While it isn't feasible to demand all these expectations of one person, board members must discover which of these shoes they need their CFO to fill. McKinsey Quarterly (free registration) (1/2013) LinkedInFacebookTwitterEmail this Story
  • How GE leads the way with its social media strategy
    General Electric provides an excellent case study on how social media can be leveraged throughout an enterprise to meet corporate goals. The company focuses on support by providing content and social channels to disseminate information. Executives also are encouraged to take a wider view of social communication, by managing overflow and hewing to corporate controls. McKinsey Quarterly (free registration) (2/2013) LinkedInFacebookTwitterEmail this Story
  BIG News and Events 

  AICPA News 
  • Register for the AICPA CFO Conference
    The AICPA CFO Conference, scheduled May 15 to 17 in Marina del Rey, Calif., is an intensive, two-day event that covers key issues and provides information and tools you need to engage and prosper in the global economy. Industry experts will guide you through profound changes shaping our world and help you improve risk-management capabilities, leadership skills and the ability to make the best decisions for your organization's future. Register! LinkedInFacebookTwitterEmail this Story
  • Attend the 2013 AICPA National Business Valuation School I
    In this uncertain economy, many business owners want the answer to one important financial question: "What is my business worth?" The comprehensive program of the 2013 AICPA National Business Valuation School I, scheduled May 20 to 24 in Atlanta, can help CPAs and financial professionals broaden their skills to confidently assess and maximize the value of a client's business. During five intensive days, you'll learn relevant theories, applications, best practices and hot-button controversies. Make a smart investment in your career -- this training will help you meet learning requirements to pursue the ABV credential and will offer resources to thrive in this practice niche. Register! LinkedInFacebookTwitterEmail this Story
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  SmartQuote 
Everything that lives, lives not alone, nor for itself."
--William Blake,
British poet and painter


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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. Members in business, industry and government make up a significant portion of the AICPA's membership. The AICPA provides financial professionals practicing in business, industry and government with the tools and resources needed to move their organizations forward. 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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