2012: ready to take the plunge?

• Position: FROM THE EDITOR - Editorial

It does seem true that as one ages, life just whizzes by at a much faster pace than it does for children--whether it be a good day, good year or not. So, ready or not, it is time to take the plunge into the new year ... 2012.

[ILLUSTRATION OMITTED]

It's quite another thing to comprehend that the first decade (plus one year) of the much-heralded "new" millennium is now gone--we've certainly experienced some major ups and major downs. And though much has occurred during the past year, in some ways it feels like we're kind of stuck in the same old place.

Not a great deal has changed in the area of accounting standards (still waiting for the SEC decision on whether, and if so, when U.S. companies will be filing financial reports in International Financial Reporting Standards) or regulation (with the flurry of major initiatives last year on financial reform and health care, this year regulatory agencies were trying--in some cases, unsuccessfully--to catch up with writing the rules).

In the area of taxes, nothing significant has occurred, and though many say nothing dramatic will happen till 2013, after the elections, there is activity in Washington, D.C, on both sides of the aisle. So tax reform (well, even modest) could be a big, welcome surprise this year

The Federal Reserve held its last meeting of the year on Dec. 13 and unceremoniously kept interest rates unchanged, as expected, citing moderate growth in the U.S. economy. The Fed's action held no surprises and the assumption is the Fed will continue to maintain current rates through to 2013 when it could prove to be a far more active and consequential period in U.S. economic circles.

All of these critical discussions and debates, of...