February 13, 2013
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SmartBrief for CFOs

Business Finance Today
Obama calls for legislation to bolster middle class
In his State of the Union address, President Barack Obama proposed economic initiatives -- many of which are intended to help the middle class -- including raising the U.S. minimum wage to $9 an hour, creating "manufacturing-innovation institutes" and increased investment in clean energy. For the first time, Obama's annual speech did not target the finance industry or focus on the financial crisis. The Washington Post (2/12), The Hill/On the Money blog (2/12), USA Today (2/13), Los Angeles Times (tiered subscription model)/Politics Now blog (2/12)
Fed presidents say industry's money-fund ideas aren't enough
The presidents of the 12 regional Federal Reserve banks wrote in a letter to the Financial Stability Oversight Council that industry-backed ideas such as "redemption gates" are not enough to stabilize money market mutual funds. "[W]e do not believe this reform proposal contains the fundamental elements needed to address the financial stability risks posed by MMFs," according to the letter. Reuters (2/12), Bloomberg (2/12), The Wall Street Journal (2/12)
Your Bottom Line
FASB releases XBRL guidance
The Financial Accounting Standards Board has released proposed guidance for XBRL implementation. It is the first in a series of guidance to help users assess how certain disclosure should be structured and tagged. The guidance, U.S. GAAP Financial Reporting Taxonomy Implementation Guide -- Subsequent Events, covers the declaration of dividends and common stock issuance, a common stock repurchase, a credit facility and a business acquisition. Compliance Week/Accounting & Auditing blog (2/11)
IRS seeks input on action affecting payroll-service providers
The Internal Revenue Service is seeking comment on a proposal that would affect the liability of payroll-service providers that submit employment tax on behalf of clients. The IRS wants input on instances in which a payer might be inappropriately designated as an agent and whether more exceptions to its proposal are necessary. Comments are due April 29. Business Finance (2/11)
In the C-Suite
Business sayings that work, and ones you should ditch
Jargon is inevitable in the business world, but well-spoken executives can avoid the worst if they adopt this list of 44 "timeless" business sayings, Brett Nelson writes. For example, he advises people to avoid the phrase "thought leadership." In its place, he offers quotes from Thomas Edison and George Bernard Shaw. Forbes (2/11)
How to evaluate the strengths and weaknesses of your staff
You don't need to have time and money to build a talented staff that will meet your strategic goals, although many executives will plead otherwise, writes Kirk Kramer, a partner with The Bridgespan Group. You do need a fundamental understanding of the company's strategy, how it can be met by existing staff and where hires need to be made. Kramer suggests using a Performance-Potential Matrix to determine any gaps in your existing staff. Harvard Business Review online/HBR Blog Network (2/12)
What does the health care law mean for you and your company?
Change is coming! Only 19% of respondents have not started thinking of the implications or are unsure, while the majority indicates changes ranging from some to massive to elimination of employer-provided health care.
Some changes to employer-provided health care  48.30%
Not sure  17.01%
Massive changes to employer-provided health care  17.01%
Eliminating employer-provided health care  13.61%
We haven't started thinking about it yet  4.08%
Did you listen to the State of the Union address? 
VoteYes. Same old, same old
VoteYes. I'm excited about the new trajectory
On the Move
Gregory Krzemien is tapped CFO of Universal Business Payment Solutions
Krzemien has been selected CFO of Universal Business Payment Solutions Acquisition. He was CFO and treasurer of Mace Security International. RTT News (2/12)
Catherine Guillouard joins Rexel
Guillouard has become CFO at Rexel. She was CFO at Eutelsat Communications. Accountancy Age (London) (tiered subscription model) (2/12)
Off the Charts
Jobs where the genders make nearly the same
There is definitely a gender pay gap, but the width depends on the industry, according to Labor Department statistics. Jobs with the smallest gender gaps include security guards, warehouse stock clerks and paralegals. Jobs with the largest gaps include sales-related positions. National Public Radio/Planet Money blog (2/12)
Editor's Note
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Leadership development doesn't need to be a separate initiative or an expensive training program added on to the organization's core work."
-- Kirk Kramer, partner with The Bridgespan Group, writing for Harvard Business Review Blog Network
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