International accounting

From an accountant's perspective, the trade deficit isn't a sign of economic weakness. As with any financial flow, there are two sides to the ledger.

Unlike the U.S., where the federal government can offer tax breaks, EU taxation rests with member states, leaving the bloc to work largely through loans and grants.

Sheldon Whitehouse, D-Rhode Island, and Roger Wicker, R-Mississippi, introduced bipartisan legislation to put more responsibility on accountants and other financial professionals to safeguard against money laundering and other crimes.