The 100 most valuable global brands | 3 global drivers of productivity | Who can help accounting implement new revenue guidance?
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May 30, 2014
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U.S. economy contracted in Q1 for first time in 3 years
America's gross domestic product in the first quarter declined at an annualized rate of 1%, the first contraction in three years, the Commerce Department said. Many economists said the downturn sets the stage for a sharp rebound, with growth likely hitting 3% or higher in Q2. The Washington Post (tiered subscription model)/Wonkblog (5/29), Los Angeles Times (tiered subscription model) (5/29), American Public Media/Marketplace (5/29)
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Financial Focus
The 100 most valuable global brands
Technology companies dominate the 2014 list of the world's most valuable brands. Read tips on growing brand value. CGMA Magazine online (5/28)
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3 global drivers of productivity
Find out the three key areas that drive productivity across industries, countries and company size, and where in the world manufacturing companies tend to these areas best. CGMA Magazine online (5/28)
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Who can help accounting implement new revenue guidance?
Finance and accounting may need help from other functions in implementing the historic revenue recognition standard released this week by the Financial Accounting Standards Board and the International Accounting Standards Board. Find out who else may play a prominent role in implementation. Journal of Accountancy online (5/29)
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Companies stretch internal controls to accommodate COSO, PCAOB, SOX
A "surprising" number of companies are underestimating the implementation process to apply the new Committee of Sponsoring Organizations of the Treadway Commission framework to internal controls, according to a survey by consulting and internal audit firm Protiviti. The survey found that 48% of respondents have yet to begin applying the framework and of those that have begun, 52% say they will increase the amount of resources their organizations devote to Sarbanes-Oxley requirements. Companies are also paying greater heed to the Public Company Accounting Oversight Board's audit firm inspection reports that found deficiencies in recent audits of internal control over financial reporting. Accounting Today (5/29)
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Tax Spotlight
What makes S corporation shareholder compensation reasonable?
To minimize payroll taxes, S corporation shareholder-employees would generally prefer taking distributions instead of salary; however, the Internal Revenue Service requires them to take reasonable compensation. Vani Murthy, CPA, looks at how the IRS decides if compensation is "reasonable" and why the IRS usually wins these disputes. Corporate Taxation Insider (5/29)
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IRS to focus on companies with delinquent payroll taxes
The Internal Revenue Service has agreed with the conclusions of a Treasury Inspector General for Tax Administration report that found the agency's actions against employers that don't remit payroll taxes are inadequate. The IRS says it will step up its enforcement of penalties against such delinquent taxpayers. Accounting Today (5/29)
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Advisory Services
A trusted adviser is a hands-on adviser
Read blog post
One secret to becoming a trusted adviser, and ultimately client retention, is to have a hands-on approach with plenty of face time -- even during the busy season, writes Jason Deshayes, CPA, vice president of Butler & Co. At the same time, make sure your staff, scheduling and pricing supports this approach. AICPA Insights (5/29)
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Policy & Regulatory
Lawmakers push back against tax reform's stance on LIFO accounting
Some 110 lawmakers are urging House Ways and Means Committee Chairman Dave Camp, R-Mich., to reconsider forcing some companies to shift to the "first in, first out" accounting method in his comprehensive tax reform draft. They argue that this shift would force companies to absorb unexpected costs. While Camp's tax reform initiative has not gotten much traction, some view it as a blueprint for future efforts. The Hill (5/29)
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House Ways and Means Committee passes bonus depreciation tax break
The House Ways and Means Committee has passed a permanent extension of the bonus depreciation tax break, as well as five measures related to charitable giving. The Senate Finance Committee is taking a different approach to these and other tax extenders by pushing for a two-year extension. The Hill (5/29)
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AICPA News
Join the AICPA for a live Facebook chat: How to start your own practice
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On June 4 from 1 to 2 p.m. ET, panelists Jacquelyn Tracy, CPA, CGMA, and Chris Farmand, CPA, CITP, will field your questions on how to start a CPA practice. With decades of experience between them, they'll discuss the challenges, opportunities and lessons learned from getting a firm up and running. Visit the AICPA's Facebook page to sign up.
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SmartQuote
No bird soars too high if he soars with his own wings."
-- William Blake,
British painter and poet
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The American Institute of CPAs is the world’s largest member association representing the accounting profession, with more than 394,000 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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