Financial Crisis Center

The unfolding global financial crisis has clients and employers looking to their CPAs for information and advice. TSCPA is gathering a wide variety of news, information and resources to keep members up to speed.

THE LATEST.....

Economic Growth Usually Means Unemployment Declines, But That Isn't Happening (Dallas Federal Reserve Bank, June 2009)

Texas Manufacturing Outlook (Dallas Federal Reserve Bank, June 2009)

Taming the Credit Cycle by Limiting High-Risk Lending (Dallas Federal Reserve Bank, June 2009)

Liquidity, Crime Woes Shake Up Chief Risk Officers (CFO.com)

Dallas Fed Regional Economic Report (Dallas Federal Reserve Bank, June 10)

AICPA Economic Outlook Survey (AICPA, Second quarter 2009)

GM Files for Bankruptcy (SmartPros.com, June 1)

One on One with Neel Kashkari (Knowledge@Wharton, May 27)

Texas Manufacturing Still Weak but Outlook Improves Again (Dallas Federal Reserve Bank, May 26)

How Young CPAs Are Coping with the Recession (.PDF) (AICPA Yong CPAs Network)

Slowing Rate of U.S. Economic Contraction (Dallas Federal Reserve Bank, May 22)

The Financial Crisis: Connecting the Dots (Dallas Federal Reserve Bank, May 2009)

Petroleum Prices Rebound as Natural Gas Continues to Slide (Dallas Federal Reserve Bank, May 2009)

Small Biz Credit Card Use Grows (National Small Business Association, May 12)

SEC Chief Backs 'Systemic Risk Council' Idea (SmartPros.com, May 8)

Economies Still Contracting, Gradual Recovery Expected in 2010 (Dallas Federal Reserve Bank, May 5)

Attached at the Wallet: The Delicate Financial Relationship between the U.S. and China (Knowledge@Wharton, April 29)

The Real Fiscal Crisis Is Yet To Come (Knowledge@Wharton, April 15)

Regional Economic Update And Manufacuturing Outlook (Dallas Federal Reserve Bank, April 27)

Regional Economic Report [ Houston Report ] (Dallas Federal Reserve Bank, April 15 and 21)

COBRA Changes Included In 2009 Stimulus Law (IRS, February 2009)

Texas’ Recession Persists [ Also see: Texas Manufacturing Outlook Survey ] (Dallas Federal Reserve Bank, March 2009)

Treasury's Plan For Bad Assets (Treasury Dept, March 23, 2008)

Recession Arrives in Texas: A Rougher Ride in 2009 (Dallas Federal Reserve Bank, March 17, 2009)

Bernanke speech: Financial Reform to Address Systemic Risk (Federal Reserve, March 10)

Dallas Fed Regional Economic Report [ Also see: Houston Report ] (Dallas Federal Reserve Bank, March 4)

Tax Provisions In Federal Stimulus (.PDF)

Recession Comes To Texas (Dallas Federal Reserve Bank, Feb. 12)

Rethinking Risk (CFO.com, Jan. 1 - Ranked as one of most read)

Lesson One: What Really Lies Behind the Financial Crisis? (Knowledge@Wharton, Jan. 21)

Texas Comptroller Releases 09 Economic Outlook (Jan. 12) [ Blog | Revenue estimate ]

PCAOB Alert: Audit Considerations In the Current Economic Environment (Dec. 2008)

Why Texas Feels Less Subprime Stress than U.S. (Dallas Federal Reserve, Nov/Dec. 2008)

Think the Credit Crisis Is Bad? Coalition Sees Bigger Problems Down the Road (Knowledge@Wharton )

The Credit Crunch: A Practical Guide (Grant Thornton)

Notable Emergency Economic Stabilization Act Information

AICPA INFORMATION

AICPA Economic Crisis Resource Center

Economic Stimulus Act of 2008: How it Impacts Small Business (.PDF)

Client Credit Crisis Communication

PCPS Economic Podcast Series was developed to help our member firms help their clients and their own firm get through this economic crisis by bringing information to our members that we are hearing around the country.

AICPA Governmental Audit Quality Center: A non-authoritative Technical Practice Aid was issued on the potential accounting and auditing implications when a fund or its trustee restricts non-governmental entities’ balance withdrawals from money market funds or short-term investment vehicles. [ Also see: Educational Entities Liquidity in the Common Fund Short Term Fund Substantially Restricted ]

FAQ on Fair Value Accounting

FASB INFORMATION

FASB Issues FASB Staff Position No. 157-3, Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active (.PDF)

FAF Responds to Suggestions That Congress Suspend a FASB Standard—Independent Process Emphasized in Letter from Robert Denham to Rep. Barney Frank (.PDF)

FEDERAL INFORMATION

Treasury Dept.: Emergency Economic Stabilization Act Information and Resources

Information for Individual Investors on Recent Market Events

SEC Emergency Actions