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The Daily

NEWS HIGHLIGHTS FOR FRIDAY - 11.18.16

By:
Maya Lindsay
Published Date:
Nov 18, 2016

Accounting and Financial News Stories

Deloitte Forges U.S.-Israel Tech Startup Channel
Accounting Today
Big Four firm Deloitte has opened the Innovation Tech Terminal in Tel Aviv to connect U.S. and global organizations to Israeli startups in disruptive technology. ITT is aimed at helping clients meet with startups, entrepreneurs and other stakeholders, and to experience disruptive technologies firsthand. Deloitte plans to maintain a dedicated core team of ITT professionals from Israel and the United Statesin Tel Aviv to establish relationships with key ecosystem players, conduct research, build content and deliver solutions to clients.

Accounting Rule Change Intends to Clarify Company Cash Flows
Bloomberg BNA
Analysts and investors should have a sharper picture of how a company uses its funds under an amendment to the Financial Accounting Standards Board’s rules on stating cash flows. The Nov. 17 amendment—Accounting Standard Update No. 2016-18, Statement of Cash Flows (ASC 230), Restricted Cash—is intended to provide more clarity and eliminate diversity in practice for how a company reports its cash, cash equivalents and restricted cash.

City's unemployment rate makes unexpected jump. Should we be worried?
Crain’s New York Business
The city’s unemployment rate rose in October to 5.9% despite continued strong job growth. The number of people officially unemployed now stands at just about a percentage point higher than a year ago and almost the same amount more than the national rate. The increase does not likely mean that the city’s big economic expansion is weakening. After all, the city set another record for the number of jobs in October as well.

Warawa: Technology Can Make Accountants Indispensable
Accounting Today
While some worry that technology will commoditize traditional accounting services, technology executive Jennifer Warawa told attendees at an industry event that it can actually make accountants more valuable than ever. In a keynote address at the accounting technology conference Accountex, Warawa, executive vice president of product marketing for Sage, took the stage to talk about how accountants can move from redundant, to relevant, to indispensable. Even though many in the accounting space are still struggling to adopt and adapt to the cloud, at large the cloud is a long-accepted reality.

Small Business Supports Main Street Tax Fairness Act
National Federation of Independent Business
The National Federation of Independent Business (NFIB) announced its support for legislation from Rep. Vern Buchanan (FL-16), the Main Street Tax Fairness Act. The bill would reduce taxes on small businesses and ensure that all businesses compete on a level playing field going forward. "For small businesses, tax parity with big corporations is an important principle," said NFIB President and CEO Juanita Duggan.

IFAC Reaches Out to Pope Francis on Role of Accountants
Accounting Today
The International Federation of Accountants has sent a letter to Pope Francis on how the accounting profession can help him with the fight against financial fraud and corruption. Outgoing IFAC president Olivia Kirtley, a former chair of the American Institute of CPAs, wrote to Pope Francis describing what the accounting profession has accomplished in support of a call to action the pope issued two years ago. After the 2014 World Congress of Accountants in Rome, the pope invited thousands of accountants to a private audience at the Vatican and challenged them to do more in the global battle against fraud and corruption.

IRS Requests Two Years Worth of Bitcoin User Transaction Records From Coinbase
Live Bitcoin News
Based on a John Doe summons issued to Coinbase, it has become apparent the IRS wants to obtain accurate information from the Bitcoin exchange. Such a summons is only used if the IRS feels one or more individuals using a particular service may have failed to comply with provisions. Or to be more precise, some people may have used Coinbase to escape paying taxes. More particularly, the IRS aims to obtain information of all US Coinbase customers active on the platform between January 1, 2013, and December 31, 2015.

Yellen: Too Soon to Predict Economic Effects of Election
New York Times
Janet L. Yellen, the Federal Reserve chairwoman, said Thursday it was too soon to predict the economic impact of Donald J. Trump’s election as the next president of the United States. Markets have rallied on optimism that Mr. Trump, in concert with Republicans in Congress, would cut taxes and increase federal spending on road-building and the military, measures that might stimulate economic growth. Ms. Yellen, who has repeatedly called for Congress to join the Fed in its efforts to lift the economy from prolonged doldrums, suggested the celebrations were premature.

Bitcoin Price Strikes $750, Continues its Good Week
Crytocoins News
While it came close to the milestone yesterday, bitcoin price struck $750 in a continuing rally that has seen the cryptocurrency make increasing gains this week. The figure is among the highs scaled by the cryptocurrency this year. Today’s trading peak of $750 on the Bitstamp Price Index (BPI) stuck at 9:55 AM, the first occasion since June 18, 2016, when bitcoin price struck a high of $754.83. Cryptocurrency enthusiasts and market participants will remember the month where bitcoin soared in value from $536.91 on June 1st to a high of $761.44 on June 19th in the lead-up to this year’s halving event. Altogether, today’s milestone represents a near five-month-high for bitcoin.

Wall St. Closes Higher as Banks Rise on Trump Hopes
New York Times
Stocks on Wall Street rose on Thursday as banks resumed their steep upward climb and retailers moved higher. The Federal Reserve chairwoman, Janet L. Yellen, emphasized that the Fed planned to raise interest rates, which would help banks make more money from lending. Stocks started the day with small gains and moved higher after Ms. Yellen’s testimony to Congress. Banks once again marched higher as investors cheered the latest indication that interest rates would rise from their ultralow levels. Retailers also rose after strong earnings from Best Buy, while food and household goods makers struggled after weak results from Walmart and J. M. Smucker.

Trump offers Flynn job of national security advisor
CNN Politics
President-elect Donald Trump announced he will tap Army Lt. Gen. Michael Flynn for the role of national security advisor, the transition announced Friday. The announcement Friday said that Flynn was among three high profile national security positions -- including Mike Pompeo for CIA director and Jeff Sessions for attorney general -- that had been offered and accepted. Flynn, 57, was a top adviser and high-profile surrogate to Trump during his campaign, introducing the President-elect at rallies and serving as a top cheerleader on his hyper-active Twitter feed.