News

The Commerce Department revised upward its estimate of U.S. economic growth in the third quarter to an annualized 3.9% from 3.5%. The upgrade is based on a surprise acceleration in consumer spending and a moderate increase in investment by businesses.

A possible congressional deal to extend tax breaks for business and college expenses is “fiscally irresponsible,” according to the Obama administration. Making expiring business breaks permanent while failing to review tax credits for working families is the “wrong approach,” Treasury […]

More than half of companies are familiar with the revenue recognition standard issued by the Financial Accounting Standards Board and the International Accounting Standards Board in May, according to a study by PwC and the Financial Executives Research Foundation. But […]

Newly released Federal Reserve minutes show increasing concern about deflation. “Many participants observed the committee should remain attentive to evidence of a possible downward shift in longer-term inflation expectations,” according to the minutes. “Some of them noted that if such […]

More than 500 industry groups have urged Congress to renew dozens of expired tax breaks, including the R&D credit, breaks for charitable giving, incentives for business expenses and deductions for local and state sales taxes. Failing to bring back these […]

Changes the Federal Reserve makes to its bond portfolio could have a greater effect on U.S. financial and housing markets than possible interest rate increases would, Fannie Mae chief economist Doug Duncan said Monday. “One would think that they would […]

U.S. consumer sentiment is up this month, and consumer spending rose in October, boding well for the crucial holiday shopping rush. However, one component of the Thomson Reuters/University of Michigan sentiment index showed inflation expectations falling, posing a challenge for […]

Finance is increasingly taking the driver’s seat at businesses around the globe, Olivia Kirtley, CPA, CGMA, the new president of the International Federation of Accountants, explained in closing remarks at the World Congress of Accountants in Rome.

Confidence in the U.S. economy is at the highest level since June 2013, the latest Gallup poll shows. Last week’s poll showed an average -8 confidence rate, an improvement over the -13 to -21 indexes earlier in the year. In […]