NEWS HIGHLIGHTS FOR MONDAY - 5.9.16

By:
Maya Lindsay
Published Date:
May 9, 2016

NYSSCPA Members in the News

 

Matt Bryant (Rochester)

What to get the graduate: Financial gifts for the next step

WROC Rochester News 8

Allison Warren sat down and spoke with Matt Bryant, the President of the Rochester Chapter of the New York Society of Certified Public Accountants. Matt suggests that college graduates prepare to live off a budget and save for retirement. Some gifts to help with that include buying them stocks and investing in an IRA for them. Bryant says it's never to early to begin saving for the future.

 

NYSSCPA mention

FASB and PCC to Host Private Company Town Hall at Baruch College

StreetInsider.com

The Financial Accounting Standards Board (FASB) and the Private Company Council (PCC) will host a Private Company Town Hall Meeting on Monday, June 13, 2016, at Baruch College in New York City. Co-sponsored by the New York State Society of CPAs (NYSSCPA) and Baruch College, the event will take place from 9:00 a.m. to noon in Room 14-220 of Baruch College's Newman Vertical Campus at 55 Lexington Avenue.

 

Other Accounting and Finance News

 

SEC Highlights Its Cybersecurity Efforts

ThinkAdvisor

In a panel on Friday at the Rocky Mountain Securities Conference, SEC leaders addressed enforcement priorities at the agency, including cybersecurity, insider trading and financial reporting. Stephanie Avakian, deputy director for the Division of Enforcement, said that the division views cybersecurity violations in “three different buckets.”

 

Panama Papers Go Online As Obama Pushes Global Tax Transparency

Forbes

President Obama and his Treasury Department are pushing the Panama Papers, taking executive action on new transparency and tax evasion rules. But in view of limits on executive action, the Obama administration is also asking Congress for help in passing legislation, and asking the Senate to approve a number of pending tax treaties. Treasury Secretary Jack Lew has written this letter asking for legislative help.

 

SEC Official Registers Objections to Non-GAAP Reporting

Accounting Today

Wesley Bricker, deputy chief accountant with the Securities and Exchange Commission, is echoing concerns from other top SEC officials about the over-reliance on non-GAAP measures in financial reporting. During a speech Thursday at Baruch’s College’s Financial Reporting Conference in New York, Bricker cited recent statements from SEC chair Mary Jo White and chief accountant James Schnurr.

 

Treasury Launches 3-Pronged Attack Against Money Laundering, Tax Evasion

ThinkAdvisor

The Treasury Department lobbed a three-pronged attack against money laundering and tax evasion Friday by releasing a Customer Due Diligence final rule, sending Beneficial Ownership Information legislation to Congress, as well as issuing proposed regulations related to foreign-owned, single-member limited liability companies. The measures are being hailed as Treasury’s reaction to the Panama Papers, which exposed that politicians, criminals and even celebrities are avoiding paying taxes by hiding their wealth in offshore shell companies.

 

The Truth about Women's Initiatives in Today's Accounting Profession

Accounting Today

As a professional coach for CPAs, I have noticed a distinct difference between my male and female clients. These differences run the gamut of levels of self-confidence, communication and leadership styles, core values and belief systems. The disparity between the genders’ behaviors and the fact that women are now tipping the scales over men in the accounting profession (54 percent) makes for a very interesting mix.

 

Tax-Writers Continue Examining Tax Reform Proposals as the Administration and Regulators Focus on International Issues

Lexology

This week, the House Ways and Means Subcommittee on Tax Policy, chaired by Representative Charles Boustany (R-LA), will hold a hearing to examine Member proposals to improve the current U.S. tax system. This hearing is part of a series of hearings on tax reform and follows the Subcommittee’s most-recent hearing examining cash-flow and consumption-based tax reform proposals.

 

Falling Dollar a Risky Premise for Rally in Other Assets

Wall Street Journal

The powerful rallies that have lifted stocks, crude oil and emerging markets for the past three months have one important thing in common—the falling dollar—and investors are growing anxious that it could prove to be the weak link. While the dollar is down 4.5% this year and near a one-year low against a basket of currencies, other investments have surged. U.S. crude prices are up 69% from their February lows.

 

New York Fed Chief Believes the Central Bank Is on the Right Track

New York Times

Reserve Bank of New York president, who helped pilot the Fed’s post-crisis stimulus campaign, sounded pretty calm about the nation’s current economic situation. In an interview on Friday, Mr. Dudley said he foresaw continued growth despite bumps in the early months of the year — enough growth for the Fed to get back to slowly raising its benchmark interest rate.

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