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February 14, 2013
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  Top Story 
 
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  Financial Focus 
 
  • Foreclosure filings decline 28% in U.S.
    U.S. residential foreclosure filings decreased 28% last month compared with January 2012, according to RealtyTrac. The number of filings, 150,864, was the smallest since April 2007. California legislation slowing first-time default was a big factor, RealtyTrac says. Bloomberg (2/14) LinkedInFacebookTwitterEmail this Story
AICPA Family Law Conference
May 8-10, Las Vegas, NV: Take the lead as a valued and trusted advisor to your clients. Learn how to deal with the interrelated aspects and financial implications of business & family, litigation & divorce, and valuation & tax issues of property division. Learn the rules of evidence, communications & more. > Register Now
  A&A Report 
  • SEC commissioner presses PCAOB on audit firm rotation rule
    Securities and Exchange Commission member Daniel Gallagher is pressing the Public Company Accounting Oversight Board to move on its pending rule on audit firm rotations. The rule would require companies to change audit firms after a set number of years. However, PCAOB Chairman James Doty replied that he was in no hurry to move the measure, preferring to wait to see how similar rules play out in Europe. The Wall Street Journal/CFO Journal blog (2/13) LinkedInFacebookTwitterEmail this Story
  • More companies see profits in environmentally friendly innovations
    More companies are reporting financial benefits from implementing environmentally friendly business practices, according to a recent report. The research also showed that 48% had changed their business model as a result of sustainability, a shift driven by factors such as customer preferences, scarce resources, legislative pressure and competitors' commitment to sustainability. CGMA Magazine (2/13) LinkedInFacebookTwitterEmail this Story
  Tax Season Watch 
 
61 days left to file tax returns

  • Annual report shows results of IRS whistle-blower program
    The Internal Revenue Service's annual report to Congress on its whistle-blower program revealed that most whistle-blower claims processed in 2012 were under the old, discretionary whistle-blower law -- not the new law, which requires the IRS to pay a percentage of collected proceeds when a whistle-blower provides information that substantially contributes to the collection of tax or other amounts. The IRS also identified several issues that need to be addressed in the new whistle-blower statute. JournalofAccountancy.com (2/13) LinkedInFacebookTwitterEmail this Story
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  Policy & Regulatory 

  • Senate will reintroduce Marketplace Fairness Act
    The Marketplace Fairness Act, a measure that would allow states to collect online sales taxes, will be reintroduced in the Senate today. This new legislation is expected to exempt any merchant with $1 million in annual sales or less, bringing it in line with previous versions of the bill in the House of Representatives. The previous bill exempted merchants with sales of $500,000 or less. Reuters (2/13) LinkedInFacebookTwitterEmail this Story
  International View 
  • Japan is stuck in recession as GDP continues to fall
    Japan's economy contracted in the fourth quarter, marking the third quarterly decline in a row and leaving the nation in recession, according to the Cabinet Office. Gross domestic product dropped an annualized 0.4%, the government said. The data come as Prime Minister Shinzo Abe pushes for increased stimulus to end deflation. Bloomberg (2/14), Reuters (2/14), NHK World (Japan) (2/14) LinkedInFacebookTwitterEmail this Story
  Leadership & Trends 
  AICPA News 
  • Learn the results of the PCAOB first interim inspection report
      
    Members of the AICPA Stockbrokerage and Investment Banking Expert Panel will present this audio webcast, PCAOB First Interim Inspection Report Findings, 11 a.m. to 12:30 p.m. ET on Feb. 20. This webcast will discuss the findings of the August 2012 PCAOB first interim inspection report covering 23 audits of broker-dealers performed by 10 registered accounting firms. Register today. 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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