NEWS HIGHLIGHTS FOR MONDAY - 5.2.16

By:
Maya Lindsay
Published Date:
May 2, 2016

NYSSCPA Members in the News

NYSSCPA COAP Program
Career opportunities in accounting
WROC Rochester First
CPA Scott Adair discussed the New York State Society of CPAs Career Opportunities in the Accounting Profession (COAP) program Monday on News 8 at Sunrise. For the last 30 years, the NYSSCPA has operated the free, three to five day college exploration summer program which introduces youth - specifically those in groups historically underrepresented in the accounting profession - to the possibilities of becoming a CPA.

NYSSCPA Sustainability Conference mention
Sustainability and Valuation
AQPQ.org
April 26 was a painful day for the global energy industry, wasn’t it? First BP announced that it was adding yet another $917 million dollars to its cumulative cost charges for the 2010 Deepwater Horizon explosion. And then Standard & Poor’s declared that it was downgrading the credit rating of Exxon Mobil from the pristine AAA level at which it had resided since the Great Depression.

Other Accounting and Finance News

Conservatives in Congress urge shutdown of tax-collecting IRS
CNBC.com
It's a U.S. taxpayer's dream: make the Internal Revenue Service go away, and the largest conservative group in Congress is endorsing just that. The Republican Study Committee, which counts over two-thirds of House of Representatives Republicans as its members, called recently for "the complete elimination of the IRS."

The U.S. Economy’s Secret Weapon
Wall Street Journal
In this lackluster economy, an unlikely catalyst could provide a much-needed boost. The moribund U.S. manufacturing sector has struggled with low oil prices, the strong dollar and a soft global economy. But it finally showed signs of life in March. Further evidence that manufacturing is regaining its footing is expected in a report due Monday.

They’re Coming for Your Bonus
Wall Street Journal
America’s economic recovery since the recession ended in 2009 has been the weakest in decades, principally because the 2010 Dodd-Frank financial law suppresses risk-taking. Now another Dodd-Frank rule—proposed restrictions on incentive pay in the financial industry—could be the coup de grace for U.S. growth.  The proposed restrictions have been agreed to by the six major financial regulatory agencies, including the Securities and Exchange Commission and the Federal Reserve, and would apply to thousands of executives and traders in the largest banks, asset managers, broker-dealers and others.

Accounting firms target younger recruits
Crain’s Cleveland Business
There’s a war being waged in the accounting world. Firms of all sizes grapple continuously for market share. Today’s battles, however, increasingly take place on college campuses, as companies attempt to grow their ranks with the new CPAs they think will lead them to corporate success. Internship programs are ubiquitous. They’re the best feeder systems for any firm’s talent pool.

SASB to Offer CFA Continuing Education Credits
Yahoo News
The Sustainability Accounting Standards Board (SASB) today announced its registration with the CFA Institute as an Approved Provider of continuing education programs for CFA Institute members. CFA members that complete SASB's Fundamentals of Sustainability Accounting (FSA) Credential may self-document up to 20CE credits for each of the two FSA exam levels obtained.

Sell Stocks in May? Tempting but Not Very Smart
Wall Street Journal
With U.S. stocks near record highs and memories of last summer’s volatility still in mind, investors could be forgiven for wondering whether this is the year to “sell in May and go away.” Stocks have shaken off an early-year rout, but a reading of first-quarter growth for the U.S. economy came in below expectations last week and corporate earnings have been lackluster, clouding the long-term outlook for stocks.

Click here to see more of the latest news from the NYSSCPA.