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October 1, 2012
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  Financial Focus 
 
  • Hopes for U.S. rebound fade as global trade slips
    Key indicators signal a broad drop in the volume of global trade, undercutting the chances of exports giving the U.S. economic recovery a helping hand. The World Trade Organization forecasts a 2.5% growth in global trade this year, compared with 5% in 2011. The CPB Netherlands Bureau for Economic Policy Analysis, an agency of the Dutch government, said global trade contracted in June and July. The Wall Street Journal (10/1) LinkedInFacebookTwitterEmail this Story
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  A&A Report 
  Tax Spotlight 
  • High-tech tax avoidance is set to get a closer look
      
    Lack of suspicion by the Internal Revenue Service and the difficulty of enforcing complex transfer pricing rules explain at least some of the popularity of offshore tax-avoidance techniques among U.S. high-technology companies, but that is likely to change soon, according to The Economist. "Expect America's tax police to take a dimmer view of aggressive avoidance," the magazine notes. "Whether they will prove a match for the multinationals' phalanxes of lawyers is another matter." The Economist (9/29) LinkedInFacebookTwitterEmail this Story

  Policy & Regulatory 
  • SEC faces criticism for inaction on high-frequency trading concerns
    The Federal Reserve Bank of Chicago expressed concerns to the Securities and Exchange Commission about high-frequency trading more than two years ago. The SEC is taking a closer look at the strategy, prompting criticism from those who say the agency has been slow to respond. The SEC is meeting this week to discuss technology glitches that have affected trading and how to rein in super-fast computerized trading. Reuters (10/1) LinkedInFacebookTwitterEmail this Story
  • Administration of Libor will be put up for bid, FSA says
    Martin Wheatley, managing director of the U.K. Financial Services Authority, said governance and administration of the London Interbank Offered Rate will be put out to tender. "It is essential that the conduct of a new administrator should be rigorous and transparent," Wheatley said. Authorities have yet to announce a timeline for the change. Meanwhile, regulators in Europe, Japan and the U.S. said the FSA's recommendations will provide a model for their efforts to reform interbank-lending rates. Risk.net (subscription required) (9/28), Financial News Online (U.K.) (subscription required) (9/28), Financial Times (tiered subscription model) (9/28) LinkedInFacebookTwitterEmail this Story
  International View 
  • October is crunch time for eurozone crisis resolution
    A series of meetings this month will highlight competing pressure over the eurozone's debt crisis and might decide the fate of the European Central Bank's plan to finally end the ordeal. With public anger building in Spain and Greece and tougher lines from creditor countries, "people are beginning to look at this in a more sober way" after initial euphoria over the ECB's plan, said Clemens Fuest, an economist at Oxford University. Bloomberg (10/1) LinkedInFacebookTwitterEmail this Story
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Top five news stories selected by CPA Letter Daily readers in the past week.

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  • Stay up to date on IFRS
    Sign up for the free IFRS Report, which gives readers a monthly snapshot of breaking news, trends and developments in International Financial Reporting Standards. Every story is summarized by expert editors and linked to the original sources for additional details. Sign up today and get your first issue on Thursday. LinkedInFacebookTwitterEmail this Story
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The American Institute of Certified Public Accountants is the world’s largest association representing the accounting profession, with nearly 377,000 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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