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| CPA Letter Daily |
| June 4, 2012 |
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Political deadlock might block action on global slowdown
The inability of politicians to work together might prevent governments from taking action to cope with feeble job creation in the U.S., Asia's slumping growth and Europe's intensifying debt crisis. Political conflict blocks the emergence of economic initiatives in the U.S. Germany's commitment to austerity puts it into conflict with European leaders who want to boost spending to stimulate growth. The Washington Post (6/3)
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Euro falls to lowest value against U.S. dollar since 2010
The euro touched $1.2288 Friday, its lowest value against the U.S. dollar since July 1, 2010. The fall came as economic reports worldwide indicated slowing economic growth. Bloomberg (6/4)
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Feedback is sought on international business-reporting guidelines
The International Federation of Accountants is seeking feedback on guidelines intended to improve companies' business reporting. The guidelines include 11 principles that touch on areas including roles and responsibilities, technology, auditing and making improvements to reporting processes. "Producing high-quality business reports requires organizations to have effective business reporting processes in place," committee Chairman Roger Tabor said. Compliance Week/Accounting & Auditing blog (6/1)
Federal court holds Treasury regulation is not a permissible interpretation of Sec. 263A
The Court of Appeals for the Federal Circuit held that the associated property rule in a Treasury regulation is not a permissible interpretation of the avoided cost rule under Sec. 263A, and the court invalidated the regulation, at least as it applies to property temporarily withdrawn from service. This was the first time a federal appeals court had considered the issue, and the decision allows the taxpayer to currently deduct interest expense that the regulation required to be capitalized. JournalofAccountancy.com (6/1)
Congress brings back earmarks for favored businesses
Citizens Against Government Waste said the 112th Congress reduced earmarks for special interests by 90%, but earmarks are making a comeback. The House Ways and Means Committee brought back the miscellaneous-tariff-bill process, opening the door for more than 1,000 special-interest tariff-relief measures to be lumped together into a single bill. TheFiscalTimes.com (6/1)
Ruling on Lehman client money could have far-reaching consequences
The U.K. Supreme Court ruled in February on client-money protection at Lehman Brothers Holdings, but ramifications of the ruling are expected to go far beyond clients of Lehman and other firms. The ruling could affect the way investors perceive their protection. Risk.net (subscription required) (6/1)
SEC looks into "zombie funds," Khuzami says
Robert Khuzami, enforcement director at the Securities and Exchange Commission, said the agency is taking a close look at "zombie funds," which are essentially inactive but money managers continue to receive payment for them from investors. The SEC says it is striving to be more proactive about situations that could present a problem. Reuters (6/3)
Europe considers centralized budget authority
Spurred by its sovereign-debt and banking crisis, the eurozone is struggling to come to grips with a long-standing idea of establishing a centralized finance ministry to govern national spending and borrowing. German Chancellor Angela Merkel is calling for a centralized authority to supervise the eurozone's finances, as well as additional power for the European Parliament, the European Commission and the European Court of Justice. Reuters (6/3) The New York Times (tiered subscription model) (6/3)
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Provide feedback on FASB standards
The Financial Accounting Foundation (the Financial Accounting Standards Board's parent organization) has a post-implementation review process for standards issued by the FASB. Stakeholder input is critical to assessing if accounting standards are effective in providing decision-useful information to users of financial statements. FAF's PIR team is currently reviewing FASB Statement Nos. 131 and 141R on segment reporting and business combinations, respectively. If you are interested in participating in the research aspect of post-implementation reviews (such as surveys on specific standards), register with the FAF. Participants can come from all stakeholder groups -- investors, creditors and other users of financial statements; academicians; and preparers and auditors of financial statements of public companies, private companies and not-for-profit organizations. The PIR team expects to conduct about two or three surveys each year for FASB standards. You only have to register once to be considered for all future PIR surveys (not all registrants will be asked to participate in every PIR survey).
Free webinar: Learn more about WIEC and the Champions Task Force
The AICPA's Women's Initiatives Executive Committee and its Champions Task Force allows CPAs who are not committee members to contribute their unique talents, skills and knowledge to promote the WIEC's mission. This free webinar, Introduction to the WIEC and its Champions Task Force, to be held 12 to 1:30 p.m. ET on June 7, will describe how interested volunteers can participate in activities such as research, written works and interviews, and increase knowledge about the progress of women within the profession. Volunteers may also have an opportunity to assist with special workshops, webinars or other events hosted by the WIEC. Be sure to participate in this webinar to learn about specific opportunities for involvement.
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