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December 11, 2012
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  Top Story 
 
  • More voters call for "fiscal cliff" compromise: The number of people amenable to a compromise to resolve the "fiscal cliff" is rising, including among Republicans and independents, according to a Gallup poll. Two in three Republicans want lawmakers to compromise; a week ago it was 55%. About 70% of independents want compromise, compared with three in five last week. The Hill/On the Money blog (12/10) LinkedInFacebookTwitterEmail this Story
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  Financial Focus 
 
  • Education costs need to be part of financial planning
      
    More upper-middle-class families are using student loans to finance college costs as tuition continues to rise, writes Andrea Millar, CPA/PFS, senior technical manager at the AICPA. With these trends in mind, CPAs should include clients' children's college costs in their financial planning. Through Jan. 31, the AICPA Personal Financial Planning Section's Forefield Advisor client communication and education tool will be available free to all AICPA members. AICPA Insights (12/10) LinkedInFacebookTwitterEmail this Story

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  A&A Report 
 
  • PCAOB releases report on deficiencies in firms' ICFR audits
    The Public Company Accounting Oversight Board on Monday released a 31-page report on deficiencies in firms’ audits of internal control over financial reporting. The report does not identify individual audits, but includes information summarized from inspections. Insufficient testing of controls and failure to properly evaluate control deficiencies were among the common findings that led the PCAOB to issue a summary of observations from 2010 inspections of audits of internal control over financial reporting. Cindy Fornelli, executive director of the Center for Audit Quality, which is affiliated with the AICPA, said the auditing profession recognizes the need for improving performance in this area and has devoted significant resources to the effort over the past year. JournalofAccountancy.com (12/10) LinkedInFacebookTwitterEmail this Story
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  Tax Spotlight 
 
SEC Quarterly Update Webcast Series - Fourth Quarter 2012
This webcast on 12/14 at 2-4pm ET will update you on what's hot at the SEC from corporate accounting reform legislation and new regulatory initiatives to CorpFin activities. Preparers in public companies and practitioners with public company clients should attend this webcast. > Register Now
  Policy & Regulatory 
  • U.S. Treasury will sell its last shares of AIG
    The U.S. Treasury Department plans to sell its remaining 15.9% equity stake in American International Group. After selling 234 million shares, the government will still hold an undisclosed number of warrants but will cease to be an owner of the company. The transaction closes the books on one of the largest and most fiercely criticized bailouts of the financial crisis. Los Angeles Times (tiered subscription model) (12/11), Bloomberg (12/10) LinkedInFacebookTwitterEmail this Story
  International View 
  • U.K. and U.S. growth is picking up, OECD says
    Economic expansion is accelerating in the U.K. and the U.S., and growth might pick up in Italy and China, according to the Organization for Economic Cooperation and Development. The OECD expects weak growth in Germany, France and the broader eurozone, as well as Canada, Japan and Russia. Reuters (12/10) LinkedInFacebookTwitterEmail this Story
  AICPA News 
  • Free client-oriented webinar on the "fiscal cliff"
      
    It is imperative to ensure that your clients not only have the best strategies in place for maximizing their tax savings and protecting their net worth, but also that they understand the economic outlook and long-term outcomes of this "fiscal cliff" and its impact on them. Invite your clients to this free webinar to be held 1 to 2 p.m. ET on Dec. 18. Leading financial planners, Michael Goodman, CPA/PFS, and Ted Sarenski, CPA/PFS, will walk your clients through a plain English discussion of the fiscal cliff, the economic outlook and what this means for the consumer. Register today. LinkedInFacebookTwitterEmail this Story

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Each morning when I open my eyes I say to myself: I, not events, have the power to make me happy or unhappy today."
--Groucho Marx,
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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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