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November 29, 2012
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  Top Story 
  • FSOC will meet ahead of Schapiro's departure
    The Financial Stability Oversight Council is scheduled to meet Monday in a closed session. At a Nov. 13 meeting, the council drafted three proposals for how the Securities and Exchange Commission could overhaul money market mutual funds. The Treasury Department didn't release an agenda for Monday's meeting, which will come 11 days before council member Mary Schapiro steps down as SEC chairman. Bloomberg Businessweek (11/28) LinkedInFacebookTwitterEmail this Story
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  Financial Focus 
  • Revolving lines of credit drop in 2012
    Revolving lines of credit are dropping in 2012 because of fewer issuances and companies are seeking out other forms of funding, such as the corporate bond market. According to Thompson Reuters, corporate credit lines issued in the loan market reached $787 billion as of Nov. 14, compared with $1.28 trillion for all of 2011. "The conventional wisdom is that everyone was waiting to see what happened with the [presidential] election," said Richard Pollak of Troutman Sanders. The "fiscal cliff" is now seen as a deterrent. (11/28) LinkedInFacebookTwitterEmail this Story
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  A&A Report 
  • IASB proposes changes to financial instruments standard
    The International Accounting Standards Board on Wednesday proposed limited changes to standards for classification and measurement of financial instruments in IFRS 9: Financial Instruments. The changes were designed in part to reduce differences with the Financial Accounting Standards Board's developing model on the same topic. (11/28) LinkedInFacebookTwitterEmail this Story
  • PCAOB eyes new goals for 2012-16 strategic plan
    The Public Company Accounting Oversight Board wants to find additional uses for information it has accumulated from inspections to use toward its 2012-16 strategic plan. It also plans to enhance its processes and systems with this information, says Jay Hanson, a PCAOB member. The audit overseer is asking the Securities and Exchange Commission for an increase in staff to help it meet its goals. (11/28) LinkedInFacebookTwitterEmail this Story
  Tax Spotlight 
  • How to request a first-time penalty abatement
    In 2001, the Internal Revenue Service created a first-time penalty abatement waiver, available to taxpayers with a clean compliance history; however, many taxpayers (and practitioners) are unaware of this program. This article spells out the criteria for qualifying and steps to take to request a first-time penalty abatement. CPA Insider (11/26) LinkedInFacebookTwitterEmail this Story
  Policy & Regulatory 
  • CPAs hope fiscal talks will resolve key tax issues soon
    Accountants must keep an eye on the progress of the "fiscal cliff" talks as many key tax provisions are still undecided for 2013. The biggest concern is the alternative minimum tax because the Internal Revenue Service has written its programs assuming the AMT patch will happen. The uncertainty has also upended the typical year-end advice CPAs give clients, which is to delay income. "I think the big priority this year is to stay connected to the news and follow developments over the lame-duck session to try to make final decisions," says Edward Karl, CPA, vice president of taxation at the AICPA. Find resources and tools to help clients through this period of uncertainty on U.S. News & World Report (11/28) LinkedInFacebookTwitterEmail this Story
  • Other News
  International View 
  • Argentina gets more time to battle $1.3B bond payment
    A U.S. appeals court has ruled that Argentina doesn't have to pay $1.3 billion to foreign creditors holding defaulted bonds while it fights a lower-court decision. The earlier ruling ordered Argentina to make the payment next month. The appeals court will take up the case in February. BBC (11/28) LinkedInFacebookTwitterEmail this Story
  • German and U.K. officials delve into Libor issues
    A German banking regulator told lawmakers that banks more than likely manipulated the London Interbank Offered Rate. At a hearing, parliamentarians also questioned Deutsche Bank officials about rate rigging. Meanwhile, U.K. officials are seeking feedback on a plan to restructure Libor. Among changes proposed are legal authority applied to the way the rate is set and criminal penalties for manipulation. Separately, Barclays dismissed five employees and disciplined eight others after an internal investigation of Libor rigging. Bloomberg (11/28), Reuters (11/28), Bloomberg Businessweek (11/28), The Wall Street Journal (11/28) LinkedInFacebookTwitterEmail this Story
  Leadership & Trends 
  • What CPAs need to know about Windows 8
    Microsoft's game plan with Windows 8 is to establish a consistent user interface across smartphones, tablets, laptops and desktops to encourage its business users to stay with Microsoft as computing shifts to mobile and the cloud, writes Jeff Drew, senior editor of the Journal of Accountancy. Whether Microsoft remains the dominant business player remains to be seen. Drew warns that Microsoft's fate will affect every accountant as Windows and Excel are staples in the industry. To learn more and earn a CPE credit, sign up for the webcast, Windows 8: What CPAs Need to Know, which will take place 3 to 4 p.m. ET on Dec. 5. AICPA Insights (11/28) LinkedInFacebookTwitterEmail this Story

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