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November 2, 2012
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  Top Story 
  • U.S. economy added 171,000 jobs in October
    The U.S. economy added 171,000 jobs and the unemployment rates ticked up to 7.9% in October, according to the Labor Department's latest jobs report. Economists expected the report to show that 125,000 jobs were added and that the unemployment rate would remain at 7.8%. CNBC (11/2) LinkedInFacebookTwitterEmail this Story
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  Financial Focus 
New Webinar: Former White-Collar Criminal Shares Inside Secrets on How He Committed Fraud: On 11/7 @ 2-3pm ET, learn about 2 infamous fraud cases and the lessons learned for firms & companies on avoiding this risk. Former CFO M. Morze, who stole $100 million, will reveal phony documents he created to fool auditors, banks and his own controller. Register now
  A&A Report 
  • Private company deadline extended by FASB; IASB proposes forum
    In response to Hurricane Sandy, the Financial Accounting Standards Board is extending its deadline to Nov. 9 for comments on its private company decision making framework. The International Accounting Standards Board, meanwhile, is seeking feedback on a forum it is creating that will consist of national accounting standard setters and regional bodies with interest in standard setting. And FASB has directed its staff to draft a proposed Accounting Standards Update on financial instruments impairment that will use a different credit impairment model than the IASB is using. Journal of Accountancy (11/2012) LinkedInFacebookTwitterEmail this Story
  • Ex-FASB chair defends accounting of money market funds
    Accounting standards that allow money market funds to maintain their stable $1-per-share value are an efficient way to minimize differences between the carrying value and fair value of money market funds' investments, according to a paper by former Financial Accounting Standards Board Chairman Dennis Beresford. "Many of the investments held by money market funds would be considered as cash and cash equivalents if they were held by companies," he says. The Wall Street Journal/CFO Journal (tiered subscription model) (11/1) LinkedInFacebookTwitterEmail this Story
  Tax Spotlight 
  • South Carolina taxpayer information stolen by hackers
    Hackers have stolen 3.6 million Social Security numbers and 387,000 credit card numbers after breaking into South Carolina Department of Revenue computer systems. The state is providing free credit monitoring and identity protection to affected taxpayers -- who include anyone who filed a South Carolina tax return since 1998. (11/1) LinkedInFacebookTwitterEmail this Story
  Market Update 
  • Sandy provides a lift for corporate bonds
    Corporate bonds came roaring back Thursday after a lull related to superstorm Sandy, with at least nine borrowers aiming for an expected $7.6 billion. Before the storm, bankers were anticipating $30 billion in deals this week. Among Thursday's participants were the Bank of Montreal, BP, Caterpillar and General Dynamics. The Wall Street Journal/Dow Jones Newswires (11/1) LinkedInFacebookTwitterEmail this Story
  Policy & Regulatory 
  International View 
  • Japan could face recession, BoJ officials say
    Several Bank of Japan board members warned that the economy could slip into recession, according to minutes from a meeting last month. A government representative said at the meeting that the bank needs to achieve visible results in raising consumer inflation toward its 1% goal. Reuters (11/1) LinkedInFacebookTwitterEmail this Story
  Leadership & Trends 
  • QR codes become part of finance, accounting functions
    QR codes are spreading to business services, including accounting. The codes can help speed up payment functions, measure parts of marketing budgets and present videos and other information about accounting services. (11/1) LinkedInFacebookTwitterEmail this Story
  AICPA News 
  • 10 taxes that are easy to overlook: Not with the Total Tax Insights calculator
    Name 10 taxes that we pay all year long and may easily overlook. Stumped? Check out the Total Tax Insights calculator for insights, and be sure to share this website with your clients, colleagues, friends and family. LinkedInFacebookTwitterEmail this Story
  • Global economic forecast on-demand webcast now available
    The archived version of the 2012'Q3 CGMA Global Economic Forecast webcast is available on This webcast focuses on the results of the latest survey, the quarterly CGMA Global Index and what CGMA executives from around the world are saying about the global economy and their domestic economy along with key expectations, plans and challenges for their own companies. 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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