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November 15, 2012
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  Financial Focus 
 
  • Most Americans are optimistic about future, poll finds
    About 54% of Americans expect the nation to be better off in four years than it is today, according to the USA Today/Gallup Poll. About 41% of respondents said things will get worse in that period. And 74% of those surveyed said President Barack Obama should strongly back programs with bipartisan support. USA Today (11/15) LinkedInFacebookTwitterEmail this Story
  • More retail jobs could be created if tax rate were lowered
      
    Some 327,000 retail jobs could be created if the corporate tax rate were lowered to 26.6%, according to a report commissioned by the Retail Industry Leaders Association. Retailers are paying the highest effective tax rates of 36.4%. "With one in five American jobs reliant on retail, the industry is one of America's most powerful economic engines," said Kirt Johnson, vice president for tax policy at RILA. The Hill/On the Money blog (11/14) LinkedInFacebookTwitterEmail this Story

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  A&A Report 
  • Push to mark-to-market for pension plans grows
    Momentum is growing to adopt mark-to-market accounting for defined-benefit pension plans, with companies such as Honeywell International, IBM and Johnson Controls having switched to mark-to-market accounting in their pension plans. At a recent industry conference, Susan Cosper, a technical director at the Financial Accounting Standards Board, said FASB is considering changes to current rules, including a look at mark-to-market rules. The Wall Street Journal/CFO Journal (tiered subscription model) (11/15) LinkedInFacebookTwitterEmail this Story
  • Some companies ignore looser IPO rules
    Some companies are shunning looser rules for initial public offerings under the Jumpstart Our Business Startups Act because they want to avoid the stigma attached to using the relaxed standards. "Investors will look more unfavorably and will give a lower valuation to companies that don't provide investors with the full transparency and investor protection that other companies provide," said Andrew Shapiro, president of hedge fund company Lawndale Capital Management. The Wall Street Journal (11/14) LinkedInFacebookTwitterEmail this Story
  Tax Spotlight 

  Market Update 
  Policy & Regulatory 
  • Do your anti-corruption controls pass muster?
    The Department of Justice and Securities and Exchange Commission teamed up to release a guide Wednesday describing appropriate controls with respect to the Foreign Corrupt Practices Act. The 120-page guide includes a chapter on accounting provisions contained in the law, which has seen increased enforcement in recent years. CGMA Magazine (11/15) LinkedInFacebookTwitterEmail this Story
  AICPA News 
  • Get your A&A questions answered by those in the know
    If you're looking for a place to enhance your knowledge and application of professional judgment, then contact the Technical Hotline where a team of experts will guide you by phone or e-mail. From accounting principles to financial reporting, and everything in between, the team answers thousands of calls each year. LinkedInFacebookTwitterEmail this Story
  • Connect with the AICPA on social media
    Find opportunities for networking, knowledge sharing with peers, career advancement and seeing what's going on in the profession. Gain access to member-only LinkedIn groups and subgroups discussing everything from tax to valuation to firm practice management issues. "Like" the AICPA on Facebook or follow one, or more, of the AICPA's Twitter feeds; and stay current on professional news and events. 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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