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| August 15, 2007 | The
Newspaper of the NYSSCPA |
Vol.
10, No.15 |
| What's
Inside |
| CFOs Exempted from Limits on Compensation |
| GASB Proposes Greater Transparency in Derivative Reporting |
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NEW YORK—Due to the Government Accounting Standards Board’s (GASB) concerns regarding what it calls “a substantial increase in both the number and dollar amounts of government derivative contracts,” and the need for the public to have greater access “to additional information that better reveals the risks these transactions pose and the impact they could have on a government’s finances,” the Board proposed new standards for how state and local governments should report their involvement in these “complex transactions” with the release of an exposure draft at the end of June. |
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| Taxpayer Advocate Outlines '08 Objectives |
| NEW YORK—On
July 19 National Taxpayer Advocate Nina E. Olson delivered her midyear
report to Congress outlining priority issues the Office of the Taxpayer
Advocate plans to address in the coming fiscal year. Continue...
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| SEC Calls for Authority over Municipal Bond Market |
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NEW YORK—It’s
been more than 70 years since federal securities laws were enacted,
at a time when the municipal bond market was relatively small and
dominated by institutional investors, and in the view of Securities
and Exchange Commission (SEC) Chairman Christopher Cox, the time
is ripe for change and greater oversight of what has grown into
a whopping $2.5 trillion of outstanding debt for state and local
governments.
Continue... |
| President's Commentary |
| Every day we are confronted with the difference between how we are perceived by others and how we perceive ourselves. Although more subtle, this happens to us as a profession too. It may be impossible to ever really completely close the gap between perception and reality, but narrowing that gap increases our chances of being better understood as CPAs and meeting the public’s expectations of the CPA profession.. Continue... |
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