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- Federal pension deficit changes with new actuarial assumption
A revision in the Office of Personnel Management's actuarial assumptions contributed to an increase in the
unfunded liability of the federal government's pension systems. In fiscal 2011, the unfunded liability rose to $761.5 billion, an increase of $139 billion from fiscal 2010. Last year, OPM adjusted its assumed future interest rate down 0.5 percentage point. The increase in federal retirees in 2011 did not have a material impact on the unfunded liability, OPM said. FederalTimes.com
(2/20)     
 | AICPA CFO Conference
May 16-17, 2013, Marina del Rey, CA: This intensive 2-day event provides the information and tools you need to prosper in today’s global economy. Industry experts will guide you through the changes shaping our world, and help you improve your leadership skills to make the best decisions for your organization’s future. > Register Now
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54 days left to file tax returns
- Trust decanting: A powerful estate-planning tool
When an irrevocable trust no longer serves its original intended purpose, it can sometimes be "decanted" -- that is, the trust property is distributed to a new trust that better meets the changed circumstances. However, advisers must be aware of various income, gift, estate and generation-skipping transfer tax issues that come with decanting. This article discusses the opportunities and what to watch out for. CPA Insider
(2/19)
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| | Easily Navigate the Most Complex Tax Issues
Get in-depth analysis of today’s pertinent tax topics with CCH® Expert Treatise Library. Written by acclaimed industry experts, the treatise library gives you the authoritative commentary and insights to develop more effective tax plans. To learn about all of the treatise titles, visit CCHGroup.com/Treatise or call 888-CCH-REPS (800-224-7377).
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| Policy & Regulatory |  |  |
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- SEC's Aguilar calls on companies to offer pay details
Luis Aguilar, a member of the Securities and Exchange Commission, is urging companies to voluntarily disclose compensation details to shareholders. "The relative pay of different classes of employees, such as the ratio between CEO compensation and median pay, can ... create risks to an enterprise, including the risk of employee, customer and shareholder discontent," Aguilar said. Reuters
(2/20)
| International View | | |
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- OECD unveils plan for cross-border tax reporting
The Organization for Economic Cooperation and Development has created and approved an electronic system for tax authorities to exchange information and for financial institutions to report information to tax authorities. The electronic format, called
the Treaty Relief and Compliance Enhancement system, is based on eXtensible Markup Language technology. It allows financial intermediaries to claim reduced withholding tax rates or exemptions on behalf of their portfolio investor customers. Compliance Week/Accounting & Auditing blog
(2/20)
- EU gains further authority to oversee national budgets
The European Commission and the European Parliament have compromised on plans to give the commission powers to review eurozone members' budgets and request changes if they do not meet the bloc's rules. "This will mean that the euro area can benefit from a more integrated and effective policy-setting framework already for the 2014 budgetary cycle," said Olli Rehn, EU economic and monetary affairs commissioner. Reuters
(2/20)
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Register today: Part 2 of GAQC webcast series on GASB pension standards
This Governmental Audit Quality Center web event, The New GASB Pension Standards -- An Auditor's Perspective: Part II, to be held from 1 to 3 p.m. ET on Feb. 27, will focus on the audit implications of the Governmental Accounting Standards Board's pension standards that should be of interest to both auditors and preparers. Participants in this session should have a basic understanding of the new pension accounting requirements either through participation in the previously held Part I of the web event series or from other knowledge obtained through a review of the standards. Register today.
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--Maria Montessori,
Italian physician and educator
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| About AICPA |
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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| | Recent CPA Letter Daily Issues:
- Wednesday, February 20, 2013
- Tuesday, February 19, 2013
- Monday, February 18, 2013
- Friday, February 15, 2013
- Thursday, February 14, 2013
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Contributing Editor: Erika Morphy
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