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April 5, 2012
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American Institute of CPAsCPA Letter Daily / The News Source CPAs Count On
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  Financial Focus 
  • Service industries post a strong expansion in Q1
    Companies in the service sector experienced their fastest growth in a year during the first quarter, the Institute for Supply Management reported. Service industries, which account for almost 90% of the nation's economy, have outpaced the growth in manufacturing since the middle of 2011. Bloomberg (4/4) LinkedInFacebookTwitterEmail this Story
  • Another foreclosure wave is set to hit U.S., experts say
    After sinking to a four-year low, residential foreclosure is expected to sweep across the U.S., adding pressure on house prices, industry experts said. After five major banks settled with 49 states that sued them over improper and sometimes fraudulent foreclosure practices, there are signs that foreclosure activity is accelerating. Reuters (4/4) LinkedInFacebookTwitterEmail this Story
AICPA Conference on Employee Benefit Plans
April 30-May 2, 2012, Atlanta, GA: The employee benefit plans conference, for practitioners, administrators and plan sponsors, is the only conference of its kind to address both the tax and audit side of employee benefits. Hear from leading practitioners who will share their insights. > Register Now
  A&A Report 
  • AICPA suggests changes to internal control framework proposal
    The AICPA has recommended changes to a proposal to update the internal control framework. In a letter to the Committee of Sponsoring Organizations of the Treadway Commission, the Institute expressed overall support for the project but asked COSO to, among other things, tie together concepts such as reasonable assurance; range of acceptability; and reducing risk of not achieving an objective to an acceptable level; and provide examples of those concepts. The AICPA recommended a few changes in specific principles in the updated framework, including a request that a principle focusing on fraud be extended to include potential errors, bias and abuses. Failing that, the AICPA requested that an additional principle be created to address those areas. (4/4) LinkedInFacebookTwitterEmail this Story
  Tax Season Watch 
13 days left to file tax returns

  • Other News
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  Market Update 
  • JPMorgan agrees to pay $20M fine to settle Lehman-related case
    The U.S. Commodity Futures Trading Commission said JPMorgan Chase agreed to pay a $20 million fine to settle allegations that it mishandled segregated customer funds at Lehman Brothers Holdings. JPMorgan said the error was unintentional and that customer funds were never used to meet Lehman's obligations. Financial Times (tiered subscription model) (4/5), Reuters (4/4), Bloomberg (4/4) LinkedInFacebookTwitterEmail this Story
  Policy & Regulatory 
  • Washington focuses on boosting manufacturing
    Promoting manufacturing is increasingly a part of politicians' agenda. President Barack Obama has introduced a plan to boost manufacturing on a national scale by cutting taxes on these operations to 25% from 35%. Republicans are pushing for a revitalization of manufacturing through various incentives and policies. (subscription required) (3/31) LinkedInFacebookTwitterEmail this Story
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  AICPA News 
  • AICPA announces Start Here, Go Places. Project Innovation winners
    Students from Hoover High School in Hoover, Ala., are the winners of Project Innovation: The Start Here, Go Places. Competition of Creative Excellence, which called upon high school students to submit ideas for a new feature on the Start Here, Go Places. website. The team received a $3,000 scholarship to be split among team members, as well as a $3,000 educational grant to their school. The second place team, also from Hoover High School, was awarded a $2,000 scholarship to be split among team members and a $2,000 educational grant for their school. Students from Caddo Mills High School in Caddo Mills, Texas, claimed third place and were awarded a $1,000 scholarship and a $1,000 grant for their school. 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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