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August 10, 2011
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American Institute of CPAsCPA Letter Daily / The News Source CPAs Count On
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  Financial Focus 
 
  • U.S. productivity decline is longest since 2008
    U.S. productivity posted its most prolonged decline since the second half of 2008. The Labor Department said productivity declined 0.3% in the second quarter, and it changed first-quarter data from a 1.8% increase to a 0.6% decline. Economists said it is becoming more difficult for the U.S. to measure productivity because the economy is increasingly dominated by services. MarketWatch (8/9), Bloomberg (8/9) LinkedInFacebookTwitterEmail this Story
  • Corporate pension gap widens by $97B, Milliman reports
    The gap between projected liabilities and assets of the 100 largest company pensions has reached $351 billion as of August, according to Milliman, an actuarial and consulting firm. That represents a $97 billion, or 38%, increase, during July. "Unfortunately it looks like we may be in for more bad news, with August off to a miserable start," says John Ehrhardt, a principal with Milliman. Bloomberg (8/9) LinkedInFacebookTwitterEmail this Story
  • Coming soon: An updated internal control framework
      
    Source: AICPA
    The Committee of Sponsoring Organizations of the Treadway Commission published Internal Control -- Integrated Framework in 1992. While it has stood the test of time, the framework is getting an overhaul to make it more relevant for today's businesses and the challenges they face. Bill Schneider, CPA, director-accounting, AT&T and a member of a COSO advisory council, gives a quick summary of COSO's work to modernize the internal control framework and explains what the project might mean for the day-to-day work of CPAs. JournalofAccountancy.com (8/9) LinkedInFacebookTwitterEmail this Story
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  A&A Report 
 
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  Tax Spotlight 
  • Congress opens door to tax changes with deficit-reduction committee
    While Congress may have met its deadline on raising the debt ceiling, the agreement to create a bipartisan Joint Congressional Committee raises a number of questions concerning future deficit-reduction schemes. AICPA Vice President-Taxation, Edward Karl, CPA, takes a look at the possible solutions the committee could impose. AICPA Insights (8/1) LinkedInFacebookTwitterEmail this Story
  Market Update 
  • Plenty of takers for AA+ Treasuries
    The Treasury Department sold $32 billion of three-year bonds Tuesday at a rate of 0.5%. These were the first AA+ rated instruments to go to market since the Standard & Poor's downgrade Friday, and the demand suggests that investors still view the bonds as a safe harbor. The Hill/On the Money blog (8/9) LinkedInFacebookTwitterEmail this Story
  Policy & Regulatory 
  • SEC revises filing manual for Edgar
    The Securities and Exchange Commission has updated its financial reports filing manual for the Edgar online system. Revisions support the new EdgarLink Online Application, introduced in November. This lets filers submit EdgarLink submission form types online without using the EdgarLink Tool. Read the updated Edgar filer manual for more information. Accounting Today (8/9) LinkedInFacebookTwitterEmail this Story
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  Leadership & Trends 
  AICPA News 
  • Announcing new financial planning business development resources that are CPA Strong
    To support you in your efforts to build your personal financial planning practice in this increasingly competitive environment, the PFP Division has created a coordinated set of marketing materials. These ads, brochures, online tools and presentation materials are designed to help you explain what you do in a consistent way to many different audiences -- that the financial plans you put together with your clients are CPA Strong. Customize them with your logo and contact information. Plus you'll find a guide to get you started using these tools -- from placing an ad in a newspaper to one on Google. Check them all out today in the PFS and PFP Marketing Toolkits. LinkedInFacebookTwitterEmail this Story
  • Going back to school again? Discover alternate career opportunities in education for CPAs
    Considering a career change and still have a passion for the accounting profession? Have an interest in leveraging what you know as a CPA to inspire others? Join us for a live webcast on Aug. 17, 1:00 p.m. to 2:00 p.m. EDT, and learn how an alternate career in accounting education can be the right fit for you. Mark S. Beasley, PhD, CPA, will discuss the current environment in accounting education, the role and tasks professors undertake and guide you through how to get started in this rewarding career. Register today. LinkedInFacebookTwitterEmail this Story
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  Editor's Note 
  • Correction
    Because of an error in a source article, an item in CPA Letter Daily on Monday incorrectly stated that U.S. and Chinese regulators issued a statement indicating progress toward allowing U.S. inspectors to evaluate Chinese audit firms. The summary should have said U.S. regulators issued the statement. For the corrected version of the story, read here. SmartBrief regrets the error. LinkedInFacebookTwitterEmail this Story
  SmartQuote 
In our time, the curse is monetary illiteracy, just as inability to read plain print was the curse of earlier centuries."
--Ezra Pound,
American expatriate poet and critic


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The American Institute of Certified Public Accountants, founded in 1887, is the world's largest organization representing the accounting profession, with nearly 370,000 members in 128 countries. AICPA members represent many areas of practice, including business and industry, public practice, government, education, and consulting; membership is also available to accounting students and CPA candidates. 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.

 
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