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April 27, 2012
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American Institute of CPAsCPA Letter Daily / The News Source CPAs Count On
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  Top Story 
  • Analysis: Most new jobs at U.S. multinationals are overseas
    Big multinational corporations headquartered in the U.S. are creating jobs faster than other employers, but 75% of those positions are overseas, according to an analysis by The Wall Street Journal. While the 35 firms analyzed added 113,000 workers to their U.S. payrolls between 2009 and 2011, they hired more than 333,000 employees in their foreign operations, the newspaper notes. The Wall Street Journal (4/27) LinkedInFacebookTwitterEmail this Story
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  Financial Focus 
  • Paltry returns cause CFOs to rethink short-term investments
    Some finance chiefs and corporate treasurers are looking for ways to beef up returns on short-term cash amid historically low interest rates. Some companies are loosening investment policies to allow for greater risk or longer maturities in exchange for higher returns. However, companies should continue to be cautious about preserving needed capital, Bank of the West executive Paul Montaquila says. "It's not the return on your money, it's the return of your money," Montaquila says of the intended focus of short-term-cash investing. (4/26) LinkedInFacebookTwitterEmail this Story
  • Contracts to buy existing homes in U.S. approach 2-year high
    The number of existing-home contracts buyers signed in March posted a strong increase, nearing a two-year high, the National Association of Realtors said. The group's Pending Home Sales Index rose 4.1% to 101.4, the highest reading since April 2010. Reuters (4/26) LinkedInFacebookTwitterEmail this Story
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  A&A Report 
  • Analysis: U.S. remains a hurdle to aligning accounting rules
    The International Accounting Standards Board and the Financial Accounting Standards Board have been converging major accounting standards for several years, and have passed the original target date of June 2011 for completion. Finance ministers from 20 countries finally gave the boards a deadline recently, demanding they finish alignment by mid 2013 at the latest. Even if they do, it is unclear whether the U.S. will move to incorporate international accounting standards in the near future. Reuters (4/26) LinkedInFacebookTwitterEmail this Story
  • Public or nonpublic? FASB makes two key decisions
    The Financial Accounting Standards Board on Wednesday decided that an entity that is required to file or furnish financial statements with the Securities and Exchange Commission to issue securities to be traded in a public market should not be included in the definition of a private company. Privately held financial institutions should be considered private companies, FASB decided. (4/26) LinkedInFacebookTwitterEmail this Story
  Tax Spotlight 
  • Business groups step up calls for Congress to renew expired tax breaks: The Business Roundtable, U.S. Chamber of Commerce, National Retail Federation and International Franchise Association are among a number of business groups calling on Congress to renew a series of expired tax breaks. One example is a tax credit granted to retailers that hire welfare recipients. More than 100 of these provisions expired at the end 2011. These groups want those provisions renewed retroactively. The Hill/On The Money blog (4/26) LinkedInFacebookTwitterEmail this Story
  Market Update 
  • Dividend payouts set to reach record for S&P 500 index
    Dividend payouts are expected to reach a record this year for Standard & Poor's 500 index, with 401 of the companies now paying dividends, said index analyst Howard Silverblatt at S&P Indices. However, dividend taxes are expected to rise next year, which could prompt companies to shift to share repurchases, he said. The Wall Street Journal/CFO Journal (tiered subscription model) (4/26) LinkedInFacebookTwitterEmail this Story
  Policy & Regulatory 
  • House passes cybersecurity legislation
    The House approved legislation that would make it easier for firms to share cyberthreat information with the government, despite a veto threat from the Obama administration. Lawmakers approved the Cyber Intelligence Sharing and Protection bill after making several tweaks intended to limit the way the government can use the information. For information and best practices on cyber security, visit The Hill/Floor Action Blog (4/26) LinkedInFacebookTwitterEmail this Story
  International View 
  • Geithner presses China to proceed with financial reform
    As U.S. Treasury Secretary Timothy Geithner prepares for meetings in Beijing next week, he encouraged China to continue with financial reform. He said that if China proceeds on key issues, the U.S. will open up its markets to the Asian nation. "We are willing to continue to make progress on these issues, but our ability to do so will depend in part on how much progress we see from China on issues that are important to us," Geithner said. Reuters (4/26), Google/The Associated Press (4/26), The Washington Post (4/26) LinkedInFacebookTwitterEmail this Story
  • Analysis: U.K. double-dip recession is a setback, not a crisis
    Britain is in its first double-dip recession since the 1970s, but the situation isn't catastrophic, according to The Economist. The U.K. economy is recovering more slowly than the U.S. one, and the rebound is weaker compared with previous downturns. "Britain's pursuit of austerity, led by George Osborne, the chancellor of the exchequer, is going fairly well," the magazine notes. "Stimulating growth is going to prove a lot harder." The Economist (4/28) LinkedInFacebookTwitterEmail this Story
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  AICPA News 
  • Free webinar: Proactive Planning in Preparation for 2013
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  • AICPA/AAML conference on divorce to be held next month
    The 2012 AICPA/AAML National Conference on Divorce, to be held May 10 to 11 in Las Vegas, is the conference of the year for financial professionals and lawyers. This comprehensive, high-level event focuses on the latest issues regarding valuation of businesses and marital assets and is led by experts in both the accounting and legal worlds. Gain the additional value of dual perspectives on divorce issues, as top CPAs, financial experts and attorneys lead the way with cutting-edge insights and analysis. Register today.
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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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