Accountants play a critical role in establishing global transparency

January 14th, 2015  // News

In this blog post, Olivia Kirtley, former chair of the AICPA board of directors and current president of the International Federation of Accountants (IFAC), calls accountants the Swiss Army knife for modern business, equipped to bring transparency and accountability to businesses and governments around the globe. Read more

Lawmakers remain in dispute over Dodd-Frank

January 13th, 2015  // News

The Dodd-Frank Act continues to prompt concerns among lawmakers. Republicans want to repeal portions, while Democrats oppose attempts to ease measures. Lawmakers are expected to clash again this week as the House considers changes recently blocked by Democrats. Read more

AICPA critiques proposed tax reform

January 12th, 2015  // News

The AICPA urged Rep. Paul Ryan, R-Wis., the new chair of the House Ways and Means Committee, to follow the AICPA's principles of good tax policy to guide tax reform, and it offered detailed comments on the tax reform proposal the committee issued last year. Read more

U.S. unemployment rate dropped to 5.6%, 252,000 jobs created in December

January 9th, 2015  // News

The U.S. economy created 252,000 jobs in December, beating economists' forecast of 240,000 jobs. The unemployment rate fell to 5.6%, compared with 5.8% in November. Read more

Fed more confident of U.S. recovery, minutes show

January 8th, 2015  // News

Federal Reserve officials have expressed growing optimism that the U.S. economy has begun a sustainable recovery, according to minutes of the Federal Open Market Committee's December meeting. Members said growing payrolls and falling oil prices stand a good chance of driving growth in 2015 higher than current forecasts suggest. Read more

Growth slows in U.S. services sector

January 7th, 2015  // News

The U.S. services sector expanded last month at the lowest rate since June, according to an Institute for Supply Management index. The benchmark reached 56.2, down from November's 59.3 and short of a 58.5 forecast by analysts surveyed by Thomson Reuters. However, despite the slowdown in growth, "the non-manufacturing part of the economy is doing fine," says Ryan Sweet, a senior economist at Moody's Analytics. Read more

U.S. stock markets post biggest drop in nearly 3 months

January 6th, 2015  // News

The Standard & Poor's 500 index Monday posted its biggest one-day fall since Oct. 9 as plummeting global oil prices triggered a sell-off of energy shares. The Dow Jones industrial average gave up as much as 2%. Read more

Oil prices hit fresh lows

January 5th, 2015  // News

Oil prices continued their plunge on global markets. U.S. crude fell to $51.36 a barrel and Brent crude dropped to as low as $54.85 a barrel, both the lowest prices since May 2009. Read more

U.S. economy expanded at fastest pace in 11 years in Q3

December 24th, 2014  // News

U.S. gross domestic product grew an annualized 5% in the third quarter, raising hope that the economic recovery is picking up momentum. The expansion marks the fastest quarterly growth rate since 2003. Growth in 2015 could approach that of boom times in the late 1990s, analysts say. Read more

SEC urges companies to tighten cash-flow statement accounting, controls

December 23rd, 2014  // News

The Securities and Exchange Commission wants companies to tighten accounting procedures and controls around their cash-flow statements in light of the growing number of restatements. Companies should step up "risk assessment and monitoring controls in addition to control activity-level controls," said Kirk Crews, a professional accounting fellow at the agency. The Public Company Accounting Oversight Board said it will also monitor auditors' work on cash-flow statements. Read more

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