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Accounting News Roundup: Deficit Reduction Part II; Eloquence Beats the Truth in Interviews; AICPA Still Begging for 1099 Repealment | 11.17.10

Another Deficit Plan Targets Taxes [WSJ]
A panel of Democrats, Republicans, economists and other experts is set to say Wednesday that a complete overhaul of the U.S. tax code is the best way to address the nation’s fiscal problems—a new and likely controversial idea aimed at tackling the growing deficit.

The report, co-authored by Democratic budget veteran Alice Rivlin and former Sen. Pete Domenici (R., N.M.), follows a separate proposal last week by the two chairmen of President Barack Obama’s deficit commission. The many similarities between the two offer a window into the types of proposals that might win backing as Washington launches into what is likely to be a protracted debate on deficit cutting.

Pretty Good for Government Work [NYT]
A “Grateful Nephew” sends a thank you note to his uncle, “Uncle Sam, you delivered. People will second-guess your specific decisions; you can always count on that. But just as there is a fog of war, there is a fog of panic — and, overall, your actions were remarkably effective.”

Facebook’s messaging: would you like a rectal probe with that? [AccMan]
Dennis Howlett reacts to the reactionary.

Eloquence in an Interview Is Better Than Accuracy, Says Study [FINS]
If you’re stumped by a question in an interview, fake it. That’s the advice coming out of a new study from Harvard.

You’ll have a better chance of making a good impression if you respond eloquently and slightly irrelevantly than if you answer truthfully but with a dozen “uhs” and “ums” thrown in, according to the study.

Politicking Hinders U.S. Recovery [CFO Blog]
Sayeth Zanny Minton-Beddoes, an economics editor at the…Economist.

AICPA Urges Repeal of Expanded 1099 Reporting Requirements [JofA]
The House and the Senate each got their own letter.

City Could Extend No. 7 to New Jersey [WSJ]
Hizzoner is exploring the idea.

Shorter Agenda for Convergence [CFO]
Chief financial officers and controllers can breathe a little easier now that accounting rule makers have decided to scale back their aggressive schedule and focus on completing five priority projects by next year. The announcement was made on Monday by Leslie Seidman, acting chairman of the Financial Accounting Standards Board, at a financial-reporting conference sponsored by Financial Executives International. She was reiterating decisions made by the board earlier this month.

Do all your audit activities add value? [Marks on Governance/IIA]

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