Investors continue to question a decision in 2010 to drop a reference to "prudence" from rules drawn up by the International Accounting Standards Board. The U.K. says the reference would improve the rules but notes that they are legally binding.
The most recent CNBC Global CFO Council survey finds respondents more confident about global growth prospects and what that means for their companies. Two-thirds of council members say revenue at their companies will increase during this half of the year; more than 50% say margins will increase.
Russian government agencies have started placing orders for mechanical typewriters, apparently in a bid to frustrate American surveillance of their digital communications. "After scandals with the ... exposes by Edward Snowden, it has been decided to expand the practice of creating paper documents," one insider says.
Tax receipts exceeded spending by $116.5 billion in June, producing the largest monthly budget surplus since April 2008, the Treasury Department said. A recovering economy generated more tax revenue, while spending fell 47%. The Obama administration is forecasting that the federal budget deficit will decline to $759 billion this fiscal year, which ends Sept. 30; it would be the smallest deficit in five years. Last month, Standard & Poor's raised the U.S.'s AA+ credit-rating outlook to stable from negative based on receding fiscal risks.