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CPAs in Industry
While major financial institutions passed the Federal Reserve's latest round of stress tests, they did not do so with flying colors of any sort, with banks barely surpassing the minimum common capital ratios that test how well they would do in the event of a catastrophic financial crisis, according to the Business Insider. The 18 banks were tested on a variety of possible scenarios that included major economic crises in not just the U.S.
Imagine trying to run a company where nothing could be expensed except for the cost of the goods you're selling. Sounds difficult, right? People in the growing field of marijuana cultivation and distribution in states where the plant has been legalized for recreational use, such as Colorado and Washington, would agree.
As had been expected, the New York City Board of Health voted to ban the sale of sweetened drinks in containers larger than 16 ounces, according to an article in the New York Times. The ban, which applies to restaurants, street carts and movie theaters, takes effect in March 2013.
Robert Half, the financial and accounting staffing firm, has released a report with its fourth-quarter professional hiring projections. Overall, 17 percent of those surveyed expected to increase staff, 5 percent expected to decrease staff, and 77 percent expected no change.
Governor Cuomo has launched an outreach initiative to help New Yorkers start and grow their small businesses. "This program is all about creating jobs because when small businesses do well, New York does well," said Governor Cuomo in a statement that gave more details on the program.
Check out the October issue of The Trusted Professional for Society news and information on the key legislative, regulatory and administrative issues that affect you.
Although many once-stalwart industries are feeling the pinch from the current economic crisis, several sectors, including accounting, are not only remaining strong but are actually growing in these harsh financial times, according to the Wall Street Journal. Data from job search website Monster.com shows that the number of companies seeking qualified accounting personnel increased by 12 percent over the last 120 days.
Credit-rating agency Standard and Poors has warned that, should the United States, through the Financial Standards Accounting Board (FASB) adopt a proposed standard on balance sheet offsetting as part of its convergence project with the International Accounting Standards Board (IASB), U.S.
In a move that rocked share prices over the past weekend, said Thomson Reuters, the U.S. government announced a lawsuit against 17 banks across the world, including big players like Bank of America and Goldman Sachs, for the role it says they played in the real estate market collapse that preceded the most recent financial crisis.
The NYSSCPA will host a panel discussion on July 11 during the Annual Leadership Conference, which will explore the recommendations of the Blue-Ribbon Panel on Standards Setting for Private Companies recommendation that a private company accounting standards board be formed to oversee a modified form of U.S. Generally Accepted Accounting Principles (GAAP) that would apply to nonpublic entities.
In a unanimous vote on May 23, the AICPA Council approved a motion to partner with the London-based Chartered Institute of Management Accountants (CIMA) to create a new international management accounting credential, the AICPA announced in a press release.
Stay on top of Society news and the key legislative, regulatory and administrative issues that affect you with the Feb. 15 issue of The Trusted Professional.
A blue-ribbon panel composed of representatives from the National Association of State Boards of Accountancy (NASBA), the Financial Accounting Foundation (FAF) and the AICPA have, after meeting for the fifth time on Dec. 10, reaffirmed its initial recommendation that there should be a separate standards setting board responsible for private company accounting issues.
Many New York CPAs are finding that more and more small business owners are turning to them for help since banks and financial institutions tightened their lending restrictions.
There's a new reason to mark April 15 your calendar this year.
On that date, the Treasury Department and the Department of Housing and Urban Development will reportedly request comment on questions related to the appropriate role of the Federal government in housing finance, according to the New York Times.
If it was a movie, they could call it "Return of the CFO."
Dealing with family can be tough. Especially when it’s not your family—but, rather, when you’re the CPA charged with managing its wealth.
But a new NYSSCPA committee will serve as a sounding board for CPAs in this practice area, according to Mark B. Rubin the Family Office Committee, now part of the NYSSCPA's industry division.