Accounting
Top editor picks, summarized for you
7/31/2015

College degrees in theater or philosophy are widely seen as useless, except at companies such as Slack Technologies, founded by Stewart Butterfield, who has an undergraduate degree in philosophy and a master's degree in philosophy and science history. Tech companies are increasingly realizing a background in liberal arts is a plus in the workforce.

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Forbes
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Stewart Butterfield
7/31/2015

The federal highway funding extension bill passed by Congress contains several tax provisions, including changing the due dates for partnership and corporate tax returns, a provision the AICPA has long advocated. Other changes affect mortgage interest statements, basis of inherited assets and the six-year statute of limitation.

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corporate tax, AICPA, Congress
7/31/2015

Qualifying accrual-basis taxpayers will be allowed to treat economic performance of certain service contracts as occurring on a ratable basis under a safe harbor introduced by the Internal Revenue Service on Thursday. This will allow taxpayers to expense the cost of regular and routine services as the services are provided under the contract.

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Internal Revenue Service
7/31/2015

Clarifications and transition relief that the International Accounting Standards Board proposed Thursday for the new revenue recognition standard are designed to address financial statement preparers' concerns. The Financial Accounting Standards Board also is proposing changes to its version of the converged standard, but the boards' proposed amendments differ in some cases.

7/31/2015

Contacting multiple search firms can help a financial executive maximize his or her chances of finding a suitable position. This article offers four tips for working with recruiters, including searching for referrals rather than making cold calls.

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CFO.com
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search firms
7/31/2015

Members of the House Ways and Means Committee introduced a plan to create a "patent box" designed to keep companies from moving their intellectual property to other countries. The plan calls for a 10% tax rate on income associated with intellectual property, including patents.

7/31/2015

Verdecanna serves as vice president of finance.

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Fox Business
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FireEye
7/31/2015

The Department of Justice is asking the Supreme Court to review a 2nd Circuit Court of Appeals decision that reversed two insider trading convictions. The court said the government must show that the person providing the tips benefited in some way and that the person using the information knew about the insider. The DOJ referred to this as a "novel test" that "created a conflict within the circuits."

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USA Today
7/30/2015

Gross domestic product grew an annualized 2.3% in the second quarter, according to the Bureau of Economic Analysis. Consumer spending drove the gain, increasing 2.9%. The bureau has revised previous years' GDP, based on a change in calculation to account for quarterly anomalies.

7/30/2015

Economic uncertainty underscores a need to raise the U.S. debt limit, Treasury Secretary Jack Lew says in a letter to Congress. The government can probably meet financial obligations until Oct. 30 by continuing "extraordinary measures" implemented in March, Lew says.

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USA Today
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Jack Lew, Congress

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