Weekly News Round Up: U.S. Consumer Spending Rises; Brexit and M&A Activity; and the Fight Against Cyber Crime
July 11, 2016 - By: SC&H Group
Welcome to the Weekly News Round Up from the SC&H Group blog. Each week, we showcase audit, tax, and consulting news to keep you informed about the current stories and events impacting the accounting and business landscape – and ultimately your financial obligations.
This week, we highlight how U.S. consumer spending increased in May, and many experts believe that Brexit could have a negative impact on global M&A activity. In addition, both the IRS and the AICPA are waging campaigns to help fight cyber crime, and we offer a senior-perspective on personal finance planning.
U.S. Consumer Spending Rises 0.4 Percent in May
After a sluggish start to 2016, consumer spending shows signs of bouncing back with personal consumption expenditures rising 0.4 percent in May.
Brexit Concerns Drag Down Global M&A Activity
Experts believe that the EU referendum in the United Kingdom could potentially cause a drag on international M&A activity, according to this recent International Business Times article.
IRS Warns Tax Pros of Security Risks
The Internal Revenue Service has begun a new campaign to make tax preparers more aware of security risks that could expose their clients to identity theft and tax fraud.
AICPA to Help Position CPAs in Fight Against Cyber Crime
With CPAs uniquely positioned to assist organizations in cybersecurity concerns, the AICPA has announced a multifaceted action plan against cyber crime.
IFAC Pushes to Build Accounting Profession in Developing World
The International Federation of Accountants has been trying to build the reach and influence of the accounting profession in emerging markets in Africa, Asia and other parts of the world.
AICPA Drafts Industry Guidance for Rev Rec Standard
The AICPA’s Financial Reporting Executive Committee has drafted a set of implementation issues for nine different industries that it plans to incorporate in a guide to the new revenue recognition standard next year.
10 Things Seniors Want You to Know About Managing Money
Here’s what seniors think younger generations should know about getting ready for retirement, according to U.S. News & World Report.