Global CPA Report Feb.‌ 12, 2014
Growth—It's what the CGMA designation stands for. Find out more at CGMA.org.

Top Stories
Top 10 global business risks for 2014
Find out what executives and board members are most worried about in 2014.
CGMA Magazine
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How the lease accounting proposal may change
Acknowledging that a converged leases project poses difficulties for standard setters, International Accounting Standards Board Chairman Hans Hoogervorst describes some possible solutions.
Journal of Accountancy
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Five apps accountants should have on their smart devices
If you thought you were efficient with your smartphone or tablet before, these apps will help take your mobile productivity to a whole new level.
CPA Insider
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Africa
Mobile money poses alternative to traditional banking in sub-Saharan Africa
Sub-Saharan Africa is primed for mobile financial services, also known as mobile money, but until now there have been few success stories. Find out about the region’s high-potential payment flows and estimated revenue pools.
McKinsey Insights
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Americas
SEC plans to consider whether global accounting standards are achievable
An initiative described in a draft of the Securities and Exchange Commission’s five-year strategic plan says the commission plans to promote higher-quality financial reporting worldwide and will consider whether a single set of global standards is achievable.
Journal of Accountancy
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Examining the risks and benefits of crowdfunding
Crowdfunding, an increasingly popular method of funding projects that involves raising small amounts of money from large numbers of individuals or organizations through an online platform, doesn’t pose systemic economic risks, but that doesn’t mean it’s risk-free, according to a report by the International Organization of Securities Commissions.
Journal of Accountancy
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IRS crackdown centers on identity theft
The number of criminal tax cases the IRS is pursuing is up, but so is the number of cases in which identify theft led to tax refund fraud.
Forbes
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IASB releases guidance on rate-regulated activities
Journal of Accountancy
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S&P drops Puerto Rico's credit rating to junk status
Reuters
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Canada signs FATCA deal with US
CBC
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Asia
Why China is reluctant to sign US FATCA agreements
China is not following the lead of an increasing number of countries that have signed Foreign Account Tax Compliance Act agreements. The thought of allowing Chinese financial institutions to report information about offshore accounts held by U.S. taxpayers to U.S. authorities troubles leaders in China.
China Briefing
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India remains top investment market despite challenges
Multinational companies doing business in India face numerous challenges, including a domestic economy that grew less than 4% last year compared with 10.5% in 2010. But the world’s second most populous country still ranks among the top five destinations worldwide for foreign direct investment, according to an EY report.
CGMA Magazine
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Hong Kong companies neglect rights of small investors
South China Morning Post
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Europe
What keeps European heads of tax up at night
Tax reforms have made European countries among the most convenient for businesses, but tax rates in the region are no longer falling, research by Deloitte, PwC, and the World Bank suggests. Indeed, in the U.K. businesses paid more taxes last year despite a reduction in the corporate tax rate.
CGMA Magazine | The Telegraph
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US efforts to end tax evasion weaken Swiss bank secrecy
About one-third of Swiss banks have joined an initiative to turn over undeclared accounts of American citizens to U.S. prosecutors.
Forbes
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Study: Corruption, bribes cost EU €120 billion annually
FCPA Blog
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Middle East
Oman corruption probe nabs CEO
At Oman’s National Gas Co. SAOG, the financial controller has taken over as acting chief executive after the firm’s CEO was arrested in a countrywide corruption probe.
Reuters | Oil Patch Asia
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AICPA News
Update for accountants and auditors
The Feb. 27 video webcast “Update for Accountants and Auditors” will keep you abreast of the fast-paced changes in accounting and auditing. This comprehensive course covers all the relevant pronouncements, exposure drafts, and other guidance recently issued in the accounting, auditing, review, and compilation arenas.
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AICPA Resources
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Global CPA Report
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AICPA
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GlobalCPAReport_Editor@aicpa.org
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About the AICPA
The American Institute of CPAs is the world's largest member association representing the accounting profession, with more than 394,000 members in 128 countries and a 125-year heritage of serving the public interest. AICPA members represent many areas of practice, including business and industry, public practice, government, education, and consulting. Through a joint venture with the Chartered Institute of Management Accountants, it has established the Chartered Global Management Accountant (CGMA) designation to elevate management accounting globally.

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