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- Remainder of TARP funds cleared for use
The Senate voted 52-42 to release the second half of the Troubled Asset Relief Program funding, rapidly advancing the economic agenda of President-elect Barack Obama. The vote, which both Obama and President George W. Bush supported, comes as the banking industry suffers renewed distress. "I know this wasn't an easy vote because of the frustration so many of us share about how the first half of this plan was implemented. Now my pledge is to change the way this plan is implemented and keep faith with the American taxpayer," Obama said. The New York Times (1/15) , The Washington Post (1/16) 
| Financial Focus |
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- Obama wants $825B plan in play before Congress' recess
House Speaker Nancy Pelosi, D-Calif., called the introduction of the proposed $825 billion economic-stimulus package the "first step" in a process that would take at least a few weeks to become law. President-elect Barack Obama wants the legislation approved before lawmakers recess in mid-February. Although the bill is already $50 billion more than the limit set by Obama's transition team, economists expect the package to increase before it becomes law. Financial Times (1/15)
- Will the U.S. nationalize troubled banks?: When the U.S. government started injecting capital and coming to the aid of banks in the fall, officials were careful not to do anything to suggest nationalization. Now, government officials may not have any other choice, as two of the largest financial institutions -- Citigroup and Bank of America -- continue to suffer substantial losses. "We are down a path that this country has not seen since Andrew Jackson shut down the Second National Bank of the United States," said Gerard Cassidy, banking analyst with RBC Capital Markets. "We are going to go back to a time when the government controlled the banking system." The New York Times (1/15)
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- AICPA's Hoops weighs in on proposed IRS rule changes
Jeffrey Hoops, chairman of the AICPA Tax Executive Committee, submitted comments in regard to an IRS hearing Thursday that weighed possible rule changes for employee stock purchase plans under tax code Section 423. Hoops urged the IRS to provide more clarity on the exclusion of some foreign citizens and residents from participation in employee stock purchase plans. Hoops also backed aspects of the proposed changes that grant stockholders of a subsidiary company the power to approve changes in the employee stock purchase plan. "We believe there is a strong statutory basis for doing so and believe that it will help streamline plan administration," Hoops said on behalf of the AICPA. BNA (subscription required) (1/14)
| Tax Spotlight |
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| Market Update |
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| Policy & Regulatory |
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- New SEC chief might slow push for IFRS
Mary Schapiro, President-elect Barack Obama's nominee to lead the Securities and Exchange Commission, testified Thursday before a Senate committee that she would aggressively reshape the SEC's enforcement efforts. Schapiro said that she would move quickly to create a new process for handling tips received by the agency, and she indicated there may be a need to expand the authority of the PCAOB. Schapiro said she has concerns with the SEC's current road map for transitioning U.S. public companies to International Financial Reporting Standards. Journalofaccountancy.com (1/16) , FinancialWeek (1/15) , Financial Times (1/15)
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| People & Personalities |
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- Summers, Geithner vie for stimulus influence
So far, soon-to-be National Economic Council head Lawrence Summers and Treasury secretary-designate Timothy Geithner have avoided outright conflict, but both are contending for influence over the stimulus package. Summers, a former Treasury chief, and Geithner are strong personalities, and neither is likely to back away from the spotlight or a policy argument. News of Geithner's tax troubles ahead of his confirmation hearing temporarily might have diminished his influence, giving Summers a chance to dominate economic policy at the new White House. The Politico (Washington) (1/15)
| AICPA News |
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- Not-for-profit and governmental municipal bond issuers reminded of GAAP considerations
The current credit environment has triggered a wave of refinancings and debt restructurings in the municipal bond market. An ad-hoc group of AICPA members has published an article reminding not-for-profit and governmental issuers of tax-exempt municipal bonds (including hospitals, universities and governments) of GAAP considerations associated with balance sheet classification of variable rate demand obligations (VRDOs) and other demand debt. It also includes information on accounting for refinancings and interest-mode conversions, termination of interest rate swaps and other matters. Read the article.
- Inauguration Day discounts offered on selected products -- Jan. 20 only
In recognition of the nation's historic presidential inauguration on Tuesday, the AICPA is offering savings of up to 20% on selected conferences, webcasts, publications and CPE courses. The titles selected reflect the issues and current events related to anticipated changes in regulation by the incoming presidential administration and Congress, the economic crisis -- a top agenda item for the new administration -- and other pressing topics and concerns. To get a preview of the items designated for this one-day special, visit www.cpa2biz.com/inauguration.
- Workshop shows CPAs how to overcome challenges, manage risks in today's world
Developing effective strategies to manage risks is one of the most difficult exercises in today's economic climate. CPAs need to keep their enterprises profitable, not just operational. Limited to just 60 participants, The Board and Audit Committee's Role in Risk Oversight: Taking a Strategic View of the Enterprise offers effective strategies from leading experts from the North Carolina State University Enterprise Risk Management Initiative. Register today for the March 26 to 27 workshop in New York City.
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I am thankful for laughter, except when milk comes out my nose."
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This CPA Letter Daily was created for eric@elcony.com
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| About AICPA |
The American Institute of Certified Public Accountants is the national, professional organization for all certified public accountants. Its mission is to provide members with the resources, information and leadership that enable them to provide valuable services in the highest professional manner to benefit the public as well as employers and clients. In fulfilling its mission, the AICPA works with state CPA organizations and gives priority to those areas where public reliance on CPA skills is most significant.
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Recent CPA Letter Daily Issues:
- Thursday, January 15, 2009
- Wednesday, January 14, 2009
- Tuesday, January 13, 2009
- Monday, January 12, 2009
- Friday, January 09, 2009
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ClipSyndicate/Bloomberg
A volatile trading week for Asian markets ended with several key indexes rising today. The MSCI index of Asia-Pacific shares outside Japan climbed 1.8%, while the Nikkei 225 rose 1.3%. The Hang Seng Index fell, as did March 10-year Japanese government bond futures. 
