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November 21, 2012
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  Top Story 
 
  • U.S. deficit is decreasing at record speed
    During the past three years, the U.S. government's deficit measured as a percentage of gross domestic product has declined at the fastest rate since World War II, according to the Office of Management and Budget. The Center on Budget and Policy Priorities calculates that, not counting budget cuts scheduled to take effect Jan. 1, nondefense discretionary spending is on track to reach 2.7% of GDP, well below a 30-year average of 3.9%. Watch this video that offers guidance for policy makers and the public on how the U.S. government’s financial statements can be used for greater understanding of the nation’s fiscal health. Investor's Business Daily/Capital Hill blog (11/20) LinkedInFacebookTwitterEmail this Story
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  Financial Focus 
 
  • Libor manipulation evolved into common practice
      
    By steps and stages, manipulation of the London Interbank Offered Rate to profit on derivatives had become standard practice by the mid-2000s, industry experts say. However, the tale of how the practice grew began in the 1990s, when CME Group's popular Eurodollar contract provided a forum for betting on interest rates. Reuters (11/20) LinkedInFacebookTwitterEmail this Story

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  A&A Report 
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Get Creative: 10 Ways to Think Outside the Box
No matter your business, smart solutions come from out-of-the-box thinking. We all know creativity is king, but are you doing all you can to inspire and encourage creativity in your staff? Read the article and learn 10 ways to inspire creativity at your office.

  Tax Spotlight 
  • IRS delays effective date of tangible property regulations
    The Internal Revenue Service on Tuesday announced that in response to numerous comments, it is making the use of the tangible property temporary regulations issued in 2011 (also known as the repair regulations) optional for 2012 and 2013. The IRS expects to finalize the regulations in 2013 with a Jan. 1, 2014, effective date, and it says it will simplify several portions of the temporary regulations, including the de minimis rule. JournalofAccountancy.com (11/20) LinkedInFacebookTwitterEmail this Story
  Advisory Services 
  • Advisers prepare clients for gift-tax changes
    Financial advisers are scrambling to put together plans for clients who haven't arranged gifts to be made before a gift-tax exemption is decreased next year. With six weeks left until 2013, there is still time to set up simple trusts that give high-net-worth individuals more control over gifts to heirs than simply handing them a check, advisers say. Reuters (11/20) LinkedInFacebookTwitterEmail this Story
  Policy & Regulatory 
  • Bernanke backs Fed's move to economic thresholds
    Federal Reserve Chairman Ben Bernanke said he supports a proposal that the U.S. central bank announce numerical "thresholds" linking its monetary policies to unemployment and inflation. "It does have the advantage that it would help to distinguish between our anticipation for how the economy is going to evolve, and how we will react to those conditions," he said. Reuters (11/20) LinkedInFacebookTwitterEmail this Story
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  Editor's Note 
  • CPA Letter Daily will not publish Thursday and Friday
    CPA Letter Daily will not publish Thursday and Friday this week in observance of Thanksgiving. Publication will resume Monday. LinkedInFacebookTwitterEmail this Story
  SmartQuote 
We can only be said to be alive in those moments when our hearts are conscious of our treasures."
--Thornton Wilder,
American playwright and novelist


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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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