Expertise Beyond the Numbers

Weekly News Round Up: Fed Interest Rate Hike ‘Appropriate;’ Dell to Buy EMC; and GASB Proposes Pension Standard Changes

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 one U.S. Federal Reserve official believes that an interest rate hike would be “appropriate.” In addition, retail and food sales only rose .01 percent last month, and Dell made major headlines when it announced the EMC acquisition.

Fed Official Sees Rate Hike This Year as “Appropriate”

It may still be “appropriate” for the U.S. Federal Reserve to raise interest rates by the end of this year, according to a top Fed official.

Retail, Food Sales Up Only 0.1 Percent Last Month

U.S. retail and food services sales for September rose just 0.1 percent from the previous month, according to a report from the Commerce Department.

Dell Offers to Buy EMC for $67 Billion

Dell’s agreement to acquire EMC for $67 billion, which was announced last week, is by far the largest IT industry deal ever. As a result, Dell is poised to have the most comprehensive portfolios of server, storage and IT enterprise management software and services.

Corporate Directors Wary of SEC Audit Proposals

An overwhelming majority of corporate board directors oppose the Securities and Exchange Commission’s proposal to require mandatory disclosure of communications between audit committees and auditors, according to a new survey.

IRS Makes Progress on FATCA Implementation

The Internal Revenue Service has made progress on implementing the Foreign Account Tax Compliance Act, including explaining the various requirements to the affected stakeholders, according to a new report.

GASB Proposes Pension Standard Changes

The Governmental Accounting Standards Board has proposed new guidance to help state and local governments that participate in certain multiple-employer pension plans meet the reporting requirements of GASB’s pension standards.

Changes Coming Fast in CPA Profession

The pace of change in the CPA profession is getting faster, and not enough accountants are ready, according to New York State Society of CPAs executive director Joanne Barry.