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December 7, 2012
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  Top Story 
 
  • U.S. economy added 146,000 jobs in November
    The unemployment rate fell to 7.7% as the U.S. economy added 146,000 jobs in November, according to the Labor Department. Consensus estimates from economists had forecast a gain of 93,000 jobs and an unemployment rate of 7.9%. CNBC (12/7) LinkedInFacebookTwitterEmail this Story
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  Financial Focus 
 
  • Major fund managers cut exposure to investment-grade debt
    Some of the biggest fund managers are scaling back exposure to investment-grade bonds amid concerns that yields on high-quality U.S. corporate debt are so low that there's no room for gains. Some fear that even a small increase in interest rates could trigger major losses, so they're shifting funds to European debt and the highest-yielding bonds. The Wall Street Journal (12/6) LinkedInFacebookTwitterEmail this Story
The Engagement Letter: Best Practices and Examples
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  A&A Report 
  • Private Company Council to consider VIEs, other issues
    The new Private Company Council set into motion Thursday a review of four accounting issues that have long concerned private company owners and their financial statement preparers. Variable-interest entities, whose consolidation can be costly for private companies with questionable usefulness for financial statement users, was among the items on the list. Read more about the other items the council decided in its inaugural meeting to consider. JournalofAccountancy.com (12/7) LinkedInFacebookTwitterEmail this Story
  Tax Spotlight 
  • Wealthy individuals rush to maximize 2012's tax certainty
    Wealthy taxpayers are stepping up donations to charitable organizations, accelerating large medical expenses, selling appreciated stock and even prepaying mortgages before the end of the year in response to the uncertain tax environment. Charitable donations, in particular, have increased, including investments in "donor-advised" funds. The Wall Street Journal (12/7) LinkedInFacebookTwitterEmail this Story
  Market Update 
  • Investors predict big drop in Dow if "fiscal cliff" deal doesn't happen
    The Dow Jones industrial average would drop at least 10% if a deal to avert the "fiscal cliff" is not reached, according to 48% of institutional investors surveyed by Potomac Research Group. An additional 11% of investors said the drop would be as much as 20%. Almost half of investors said they were most concerned about the tax rate on dividends increasing to the same level as income tax rates. The Hill/On the Money blog (12/6) LinkedInFacebookTwitterEmail this Story
  Policy & Regulatory 
  • SEC wants error-free XBRL filings from companies
    The Securities and Exchange Commission is losing patience with companies that make the same mistakes over and over in their XBRL filings. The limited liability that applies to companies new to the process assumes they are making a good-faith effort to get it right, the SEC's Susan Yount says. Common mistakes include typos and creating custom extensions when tags should be used. Compliance Week/Accounting & Auditing blog (12/5) LinkedInFacebookTwitterEmail this Story
  International View 
  Here & There 
  • A look at world's best, worst cities to live
    The three cities with the best standard of living are Vienna, Austria; Zurich, Switzerland; and Auckland, New Zealand, according to a ranking developed by global consulting group Mercer. The cities with the worst living standards are Baghdad, Iraq; Bangui, Central African Republic; and Port-au-Prince, Haiti. In the U.S., the city with the best standard of living is Honolulu. 24/7 Wall St. (12/6) LinkedInFacebookTwitterEmail this Story
  Leadership & Trends 
  • AICPA survey highlights CPAs' tech expertise
    Many CPAs are recognizing the role they can play in helping clients adopt technology, with 40% of CPAs saying they are catalysts for innovation, according to a recent survey by the AICPA. Of the firms surveyed, 11% are operating in the cloud. "It's now possible for small- and medium-sized businesses to tap powerful technologies that make them more productive and offer faster, better insight into financial decision-making," says Erik Asgeirsson, president and CEO of CPA2Biz. CPA Practice Advisor online (12/5) LinkedInFacebookTwitterEmail this Story
  AICPA News 
  • Performance and risk: Two sides of the same coin
    Risk-enhanced performance reporting is evolving from an ad-hoc event under pressure of the economic downturn, to a continuous process that must be embedded within the company's governance processes. Check out this insider view of the research behind the CGMA report Integrating risk into performance -- reporting to the board of directors. LinkedInFacebookTwitterEmail this Story

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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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