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November 8, 2012
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  Top Story 
  • AICPA Chairman: 3 ways to expand the CPA profession's potential
    The opportunities and promise of the CPA profession can be limitless, writes Richard J. Caturano, CPA, CGMA, chairman of AICPA. To hone the profession's potential, there are three steps that should be taken: Monitor and address changes in the world, such as globalization in business and regulatory developments; maximize the talent pool, including promoting diversity; and develop a sustainable framework through advocacy in Washington and changes in how the profession operates. AICPA Insights (11/7) LinkedInFacebookTwitterEmail this Story

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  Financial Focus 
  • Major banks push Euribor and Libor alternative with ECB
    A delegation of leading global banks has proposed to the European Central Bank an alternative to the Euro Interbank Offered Rate and the London Interbank Offered Rate, amid a threat of regulation and low interbank lending. The group supports a benchmark that would be based on "secured market" trades. "The unsecured [interbank] market is ... disappearing, so we need an alternative. A secured index makes a lot of sense," said one person involved in the discussions. Reuters (11/7) LinkedInFacebookTwitterEmail this Story
The Digital CPA Conference has been rescheduled to Dec. 5-7, 2012: Due to Hurricane Sandy, the AICPA has postponed the Digital CPA Conference to Dec. 5-7 in Washington D.C. Conference registrations will automatically transfer to the new dates, including reservations at the Gaylord National Hotel. Additional information is online now. > Learn More
  A&A Report 
  • How to benchmark your finance function
    The best finance operations spend 17% less time collecting information, 25% more time analyzing it and cost 40% less as a percentage of revenue than the average finance function, according to a report by PricewaterhouseCoopers, which benchmarked the finance functions of more than 200 companies. Other qualities of a well-run financial operation include taking a long-term view on hiring and trying to cultivate in-house resources, having controls that aren't burdensome but are automated and integrated into operations, and having a 90-day budgeting cycle and forecasting cycles of seven days. (11/7) LinkedInFacebookTwitterEmail this Story
  Tax Spotlight 
  • IRS allows employees to donate leave for Hurricane Sandy relief
    The Internal Revenue Service announced that it will permit employers to set up leave-based donation programs to benefit victims of Hurricane Sandy. Under such a program, employees forgo vacation, sick or personal leave in exchange for cash payments by the employer to Sec. 170(c) organizations. The IRS will not treat the value of the forgone leave as gross income of the employee. (11/7) LinkedInFacebookTwitterEmail this Story
  Advisory Services 
  • Obama's win lets some solidify tax strategies
    Questions remain about how U.S. tax law will look Jan. 1, but some financial advisers are recommending that wealthy clients take income and exercise stock options this year, rather than risk higher taxes next year. President Barack Obama's re-election clarifies the direction of tax policy, advisers say, but some will wait before making recommendations. Bloomberg (11/8), The Wall Street Journal (11/7) LinkedInFacebookTwitterEmail this Story
  Market Update 
  Policy & Regulatory 
  • U.S. lawmakers turn to threat of "fiscal cliff"
    With the question of who will be president answered, the U.S. must now confront the "fiscal cliff" of tax hikes and spending cuts that economists say could return the economy to decline. Republican House Speaker John Boehner gave a speech on Capitol Hill that struck a conciliatory tone but seemed to flatly reject any compromise that included an increase in tax rates. With so much in flux, the AICPA created a fiscal cliff resource Web page to serve as a one-stop shop for all our members to help them navigate the uncertainty. CNN (11/8), The Washington Post (11/7), The Hill/Hill Tube (11/7) LinkedInFacebookTwitterEmail this Story
  International View 
  AICPA News 
  • Explore where the CPA profession can take you
    CPAs and potential CPAs have 360 degrees of opportunities within the profession and the best place to explore those opportunities is the Career Paths section of The Career Assessment Tool enables you to assess your proficiencies and it's free for AICPA members. LinkedInFacebookTwitterEmail this Story
  • Did you know? CPA Letter Daily is on Twitter
    Follow CPALetter_Daily on Twitter to get the day's top stories and breaking news alerts. More than 14,000 followers share and comment on the day's accounting and business news. Already follow CPALetter_Daily? Tell a friend about us. LinkedInFacebookTwitterEmail this Story
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Success is the ability to go from failure to failure without losing your enthusiasm."
--Winston Churchill,
Former British prime minister

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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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