Top Story

• Report: 1 in 4 displaced U.S. workers found a job at same pay
  About 25% of experienced U.S. workers who lost a job over the past three years found a job that pays as well as their old one, the Labor Department said in a report. The remaining displaced workers, people employed for three years or longer who lost their jobs when a plant closed, took a job at lower pay or just gave up looking for work, the report found. The Washington Post (8/24)     

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Financial Focus

• Banks face billions in lawsuit claims over Libor scandal
  Investigators are continuing to look into possible manipulation of interest rates by banks and now lawsuits tied to the London interbank offered rate scandal are piling up in the U.S. Insurers, investors, municipalities and others are making claims that they have been hurt by the allegedly manipulated interest rates. "This is just the beginning," said Michael Hausfeld, a lawyer in Washington, D.C. "Scores of interested potential clients" have inquired. The Wall Street Journal (8/26)     

A&A Report

• Other News

• PCAOB's Jeanette Franzel: Why we're pushing for greater communication
  MoneyControl.com (India) (8/27)     

Tax Spotlight

• Tax compliance issues that can sink a merger
  To succeed at growth through a merger or acquisition, companies must manage tax compliance throughout the process. Get tips on handling the intricacies of due diligence, integration, accounting and financial reporting, and post-acquisition compliance. Journal of Accountancy (8/2012)     

• AICPA responds to member concerns about providing client income certification to Farm Service Agency
  The Farm Service Agency is requiring certain farm program participants to certify their income, either by furnishing copies of their tax returns or by submitting a certification letter from a CPA or attorney. The FSA sent letters to 15,000 participants in April. Responding to member concerns, the AICPA has worked with the FSA to create a sample letter for CPAs to use when they cannot avoid providing certification. The AICPA has also provided sample engagement and disclosure letters for its members to use. Find answers to your questions regarding FSA certification letters on AICPA.org. JournalofAccountancy.com (8/24)     

Policy & Regulatory

• SEC examines rules for pre-IPO quiet period
  The Securities and Exchange Commission is reviewing "quiet period" rules that bar remarks by executives about a company's prospects before an initial public offering. The move comes after Facebook's IPO and while the SEC completes IPO rules following the passage of the JOBS Act. The Wall Street Journal (8/27)     

• Worries grow that SEC whistle-blower program will be first choice
  The $50,000 "bounties" offered by the Securities and Exchange Commission's whistle-blower program are sparking concerns that employees will go this route first before pursuing internal reporting options. Some say, however, that the whistle-blower program will inspire companies to be more aggressive in rooting out fraud. CFO.com (8/23)     

International View

• Spain plans to use $75B of approved EU emergency funding
  Spain anticipates using about $75 billion of bank-rescue funding that EU finance ministers approved in June, Spanish Economy Minister Luis de Guindos said. If the European Central Bank helps bring down Spain's borrowing costs by purchasing some of its debt, de Guindos said, the country could make stronger commitments to narrow its deficit. The New York Times (tiered subscription model) (8/26)     

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Leadership & Trends

Hot Topics

Top five news stories selected by CPA Letter Daily readers in the past week.

• U.S. faces recession if "fiscal cliff" isn't averted, CBO says (The Washington Post)

• Most Americans think economy is getting worse, poll finds (24/7 Wall St.)

• IRS addresses how it can handle identity theft tax returns after a notice of deficiency is issued (JournalofAccountancy.com)

• U.S. cancels defense contracts worth $2.15B (The Washington Post)

• Treasury reworks its rescue of Fannie Mae and Freddie Mac (The Wall Street Journal)

• Results based on number of times each story was clicked by readers.

AICPA News

• Target-setting tool helps CPAs address issues, understand and implement targets
  Targets are frequently used as a motivational technique. Founded on well-established theories of achievement motivation, targets that are specific and perceived as achievable can help to focus managerial action, encourage people to succeed and drive superior performance. That said, setting the right targets is tricky and has become a real issue for many organizations. How to Set the Right Performance Targets: A 10-Step Target Setting Tool addresses common target setting issues and provides a 10-step tool that helps CPAs better understand and implement sales targets. It is divided into 10 steps and presented in the form of a wheel to illustrate its cyclical nature. This tool is available for download on CGMA.org.     

SmartQuote

The real art of conversation is not only to say the right thing in the right place but to leave unsaid the wrong thing at the tempting moment." --Lady Dorothy Nevill, British writer

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