CPAs in Industry

While major financial institutions passed the Federal Reserve's latest round of stress tests, they did not do so with flying colors of any sort, with banks barely surpassing the minimum common capital ratios that test how well they would do in the event of a catastrophic financial crisis, according to the Business Insider. The 18 banks were tested on a variety of possible scenarios that included major economic crises in not just the U.S.

Imagine trying to run a company where nothing could be expensed except for the cost of the goods you're selling. Sounds difficult, right? People in the growing field of marijuana cultivation and distribution in states where the plant has been legalized for recreational use, such as Colorado and Washington, would agree.

News and entertainment website Slate.com pointed out that the proposed $23 billion leveraged buyout of the Dell computer company, one of the largest in history, also counts as a smart tax move on the part of the business, which is currently stagnating as smartphones and tablets gain in popularity.

A report from the Association of Chartered Certified Accountants, using data collected by Forbes, shows that, among a sample of 493 U.S.-based investors with a combined $2.3 trillion under management, most assume that the U.S. will eventually adopt Interntional Financial Reporting Standards (IFRS).

As had been expected, the New York City Board of Health voted to ban the sale of sweetened drinks in containers larger than 16 ounces, according to an article in the New York Times. The ban, which applies to restaurants, street carts and movie theaters, takes effect in March 2013.

Robert Half, the financial and accounting staffing firm, has released a report with its fourth-quarter professional hiring projections. Overall, 17 percent of those surveyed expected to increase staff, 5 percent expected to decrease staff, and 77 percent expected no change.

Governor Cuomo has launched an outreach initiative to help New Yorkers start and grow their small businesses. "This program is all about creating jobs because when small businesses do well, New York does well," said Governor Cuomo in a statement that gave more details on the program.

One NYSSCPA member has made two appearances in local media in the last six months (does this make three?) -- and not just for the expert financial insights for which CPAs are often sought.

The Financial Accounting Foundation (FAF) has announced that it is planning a series of roundtables and a webcast in order to educate people on its new proposal to establish a board that will focus on issues pertaining to pr