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The Daily

NEWS HIGHLIGHTS FOR WEDNESDAY - 11.9.16

By:
Maya Lindsay
Published Date:
Nov 9, 2016

NYSSCPA Members in the News

Joanne S. Barry – Executive Director and CEO
Professionals on the Move – November 7, 2016
CPA Practice Advisor
NYSSCPA Leader Named President of CPA Execs Association - New York State Society of Certified Public Accountants recently announced that Joanne S. Barry, executive director and CEO, has been appointed the 2016-2017 president of the Certified Public Accountants Society Executives Association. Barry has been recognized multiple times for her leadership in the CPA profession and serves on the accounting and taxation boards for Montclair State University and St. John’s University.

NYSSCPA Mid-Hudson Chapter’s Annual Banker, Attorney, CPA Networking Event
2016 NYSSCPA Mid-Hudson Chapter Banker, Attorney & CPA Networking Event
Introspections of a Marketing Gentleman
Last Thursday I had the pleasure of attending the NYSSCPA Mid-Hudson Chapter’s Annual Banker, Attorney, CPA Networking Event in Poughkeepsie, NY.  I know there are many associations around the country that organize this type of event, where all the key influencers convene for one night and network over drinks and noshes and listen to a speaker.  Well, the Hudson Valley is no different.

Other Accounting and Financial News Stories

FASB Proposes Accounting Changes for Service Concession Arrangements
Accounting Today
The Financial Accounting Standards Board has issued a proposed accounting standards update for service concession arrangements, focused on determining the customer of the operation services. The proposal, which was released last Friday, comes from FASB’s Emerging Issues Task Force. It involves service concession arrangements. These are arrangements between a public sector entity that acts as the grantor, such as a state highway authority, and an operating entity under whose terms the operating entity operate the grantor’s infrastructure for a specified period of time.

Global Markets Plunge As Republican Donald Trump Gains A Path To U.S. Presidency
Forbes
Markets around the world are beginning to price in a Donald Trump victory, as the Republican nominee’s path to the presidency becomes more likely by the hour. U.S. stock futures plunged, with futures on the Dow Jones Industrial Average falling 792 points, or over 5.1%. At the open of trading, stocks in London were plunging over 4.3%, while losses accelerated for Asian markets. The Hang Seng Index in Hong Kong tumbled 2.97%, the South Korean Kospi fell 3.4% and the Japanese Nikkei 225 was down 4.7%. Australian and New Zealand markets fell by a similar measure.

Trump’s Tax Challenge: Finding A Way to Pay for Cuts
Accounting Today
Donald Trump has already done the impossible by winning the presidency, but once he takes office he may have to do so again – by finding a way to pay for the across-the-board tax cuts he promised during his campaign. “Trump’s plan is vague on the ‘pay-fors’”, said Mark Luscombe, principal federal tax analyst for Wolters Kluwer Tax & Accounting. “They’re aware of the problem, but haven’t yet identified a solution.” The large-scale revision to the Tax Code that Trump has proposed will be limited by the usual partisan divisions as well as differences Trump has had with members of his own party.

Wall Street Frets About Cybersecurity as U.S. Demands More Data
Wall Street Journal
In the wake of the financial crisis, federal regulators are demanding a vast trove of private data to help them better monitor markets. But in the age of routine, sophisticated hacks, many in the financial industry worry the government will be unable to keep that sensitive information secure. Investment firms cite numerous breaches at federal agencies, most recently the late-October admission by the national bank overseer that a former employee had downloaded 10,000 records with two thumb drives and took them home.

IRS Warned to Safeguard Against Illegal Use of Virtual Currency
Accounting Today
The Internal Revenue Service needs to do more to ensure taxpayers aren’t using virtual currencies like bitcoin to avoid taxes, according to a new report. The report, from the Treasury Inspector General for Tax Administration, pointed out that digital currencies have grown in popularity in recent years as an alternative to traditional currency like the U.S. dollar. However, some virtual currencies, such as bitcoin, are popular in part because the identities of the parties involved in a transaction are typically anonymous, which could lead to potentially illegal activity.

The Two Words That Earn CEOs a Pay Raise
Wall Street Journal
For chief executives, two words can lead to a pay raise: shareholder value. A newly published study of shareholder letters and executive compensation finds that CEOs who name shareholder value as their primary objective in investor letters received larger increases in their annual pay packages than chiefs who cited other priorities, such as improving customer loyalty or increasing market share. The study, recently published in the Journal of Management Studies, examined 2,373 letters to shareholders from 590 CEOs of S&P 500 companies between 1998 and 2005.

Hacked email? These companies can keep secrets
Crain’s New York Business
Politicians on all sides, it seems safe to say, have come away from this election with renewed appreciation for the hazards of email. But however the presidential race was affected by the hacked account of Hillary Clinton’s campaign chairman, John Podesta, one thing is certain: For the makers of secure messaging apps, the WikiLeaks email dumps have been good for business. “Every couple of weeks there’s a new poster child for the vulnerabilities of digital communication,” said Jon Brod, co-founder and chief executive of Confide, the Flatiron district–based ephemeral messaging app. “With each one, we see a spike in our usage.”