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July 6, 2012
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  Financial Focus 
  • Apartment rental rates rise at fastest rate since 2007, data show
    Data from real estate research company Reis finds that apartment vacancies in the second quarter hit a 10-year low and rents rose at a pace last seen in 2007. "Even in places like Providence and Knoxville, which you don't think of as hotbeds for apartment activity, landlords felt the market was strong enough to raise rents on their tenants," said Ryan Severino, Reis' senior economist. MSNBC/Reuters (7/5) LinkedInFacebookTwitterEmail this Story
  A&A Report 
  • SEC is expected to push back decision on shift to IFRS
    The Securities and Exchange Commission has been considering whether to switch to International Financial Reporting Standards for more than two years. The SEC staff is poised to issue a final report on the global accounting rules, but it likely won't recommend whether or how commissioners should change to IFRS. The staff will eventually make such recommendations, but a timetable has not been set, suggesting further delays. The Wall Street Journal (7/5) LinkedInFacebookTwitterEmail this Story
  Tax Spotlight 
  • Is an MBA education deductible?
    Determining whether a taxpayer can deduct tuition paid to earn an MBA degree depends on the facts -- including, in part, what the taxpayer did before, during and after pursuing the degree. This article examines the law and the factors that go into the determination. The Tax Adviser (7/2012) LinkedInFacebookTwitterEmail this Story
  • IRS issues draft rules for medical-debt collection
    As part of the Affordable Care Act, the Internal Revenue Service has issued proposed draft rules to provide consumer protections for people receiving charitable care at nonprofit hospitals. The rules would bar hospitals from using aggressive debt collection tactics against low-income patients. Fox Business (7/5) LinkedInFacebookTwitterEmail this Story
  Policy & Regulatory 
  International View 
  • Scandals put London's future as a global financial center in doubt
    High-profile financial scandals in London, including possible interest-rate rigging by Barclays, are putting the city's financial-services industry at risk. London's reputation is suffering worldwide, and the financial sector is rapidly losing support from the British public and its traditional backers in the Conservative and Labor parties. Bloomberg (7/6) LinkedInFacebookTwitterEmail this Story
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  AICPA News 
  • ASB issues SAS No. 126
    Read a summary of Statement on Auditing Standards No. 126, The Auditor's Consideration of an Entity's Ability to Continue as a Going Concern (Redrafted), which the Auditing Standards Board has issued as a result of its Clarity Project to supersede SAS No. 59, The Auditor's Consideration of an Entity's Ability to Continue as a Going Concern, as amended (AICPA, Professional Standards, AU sec. 341 and AU-C sec. 570). SAS No. 126 does not change or expand SAS No. 59, as amended, in any significant respect. The ASB has moved forward with the clarity redraft of SAS No. 59, as amended, so that it is consistent with the format of the other clarified SASs that were recently issued. However, the ASB decided to delay convergence with International Standard on Auditing 570, Going Concern, pending the Financial Accounting Standards Board's anticipated development of accounting guidance addressing going concern. SAS No. 126 is effective for audits of financial statements for periods ending on or after Dec. 15, 2012. LinkedInFacebookTwitterEmail this Story
  • Register today: Learn how proposed changes to SEC Rule 17a-5 could impact you
      
    The live webinar, Broker-Dealer and Futures Commission Merchant Regulatory Update, will be hosted 11 a.m. to 12 p.m. ET on July 12 by members of the AICPA Stockbrokerage and Investment Banking Expert Panel. The webinar will discuss how proposed amendments to the SEC Rule 17a-5 could impact current reporting requirements for broker-dealers and their auditors and cover several current regulatory developments relevant to broker-dealers and their auditors as discussed during recent Expert Panel meetings. Register today. 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 377,000 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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