Weekly News Round Up: U.S. Factory Activity Surges; Trump’s SEC Pick; AICPA and Revenue Recognition; and M&A Activity in 2017
January 9, 2017
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. manufacturing activity increased in December 2016, and debit cards are driving electronic payment growth. In addition, the AICPA released its revenue recognition guidance, and 2017 could be a good year for M&A activity.
U.S. Factory Activity Surges to Two-Year High
U.S. manufacturing activity rose to a two-year high last month amid a sharp increase in new orders, according to the Institute for Supply Management.
Noncash Payments Rise 5.3 Percent Over Three Years
A Federal Reserve survey shows debit cards led the way in electronic payment growth between 2012 and 2015, increasing 7.1 percent by number annually.
Trump Picks Lawyer Jay Clayton to Chair SEC
President-elect Donald Trump picks Sullivan & Cromwell partner Jay Clayton to run the SEC, positioning a top lawyer to banks and hedge funds to lead Wall Street’s main regulator.
Relief for North Carolina Victims of Hurricane Matthew
Victims of October’s Hurricane Matthew that hit parts of North Carolina may qualify for tax relief from the IRS.
GASB Looks to Improve Financial Reporting Model
The Governmental Accounting Standards Board is asking for comments on how to improve the financial reporting model for government funds.
AICPA Releases Revenue Recognition Guide
The American Institute of CPAs has issued a new audit and accounting guide on the revenue recognition standard.
Donald Trump’s Attitude Toward Hacking Raises Concerns Among Cybersecurity Experts
President-elect Donald Trump’s stance on cybersecurity could be a dangerous go-ahead signal for hackers that may threaten America’s safety, experts warn.
Are Individually Designed Retirement Plans an Endangered Species? Impact of Changes to the IRS Determination Letter Program
This month, the last regular determination letter applications will be filed for sponsors of individually designed retirement plans. Be sure to check out this analysis from the Vorys law firm for more insights.
M&A Boom Set to Continue in 2017
Experts believe that the flurry of year-ending deals add to hopes that 2017 will see further M&A activity.