Global CPA Report Feb.‌ 19, 2014
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Top Stories
Letting go of some spreadsheets and moving to the cloud
A tech consultant suggests that accountants retire some spreadsheets and switch to cloud-based solutions to gain better control over business data.
ZDNet
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OECD issues tool to help fight tax evasion
Tax authorities worldwide will have another tool for combating tax evasion under a new standard issued by the Organisation for Economic Co-operation and Development. The standard provides for an automatic exchange of financial information.
CGMA Magazine
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Seven basic accounting practices that boost efficiency
A consultant who routinely reviews the efficiency and effectiveness of processes and systems within accounting practices offers seven ideas to help reduce compliance costs.
Economia
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Africa
China is staking its claim in Africa
Companies from the U.S. and Europe have been more hesitant than Chinese companies to invest in Africa. China is looking to secure natural resources but also to expand its economic dominance and promote its currency.
InTheBlack
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Americas
Appellate court strikes down IRS rules regulating tax preparers
The D.C. Circuit Court of Appeals ruled that the IRS exceeded its statutory authority when it issued regulations imposing various requirements on about 600,000 unenrolled tax return preparers. The ruling upheld a lower court decision in a lawsuit filed by three tax return preparers, who argued the IRS has no authority to regulate the preparation of tax returns.
Journal of Accountancy
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Failure to detect theft and fraud can become a "due care" issue for CPAs
Claims made against CPAs in the AICPA Professional Liability Insurance Program alleging failure to detect theft and fraud emanate from all types of engagements, including those generally regarded by CPAs as low-risk, such as bookkeeping or tax compliance services.
Journal of Accountancy
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Brazil's technology hub
Rio de Janeiro is developing into a Latin American technology hub, with upgrades in IT infrastructure planned ahead of this year’s World Cup and the 2016 Olympic Games.
The Guardian
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Former NFL players lose "jock tax" case
Cleveland Plain Dealer
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Agreement eliminates taxes on most trade between Chile, Colombia, Mexico, and Peru
International Business Times
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Asia
Salaries expected to rise in most of Asia
White collar employees in most of Asia can expect significant pay increases this year, a survey of 2,600 employers suggests. Find out which Asian country is the exception.
Bloomberg Businessweek
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The fallout of China's crackdown on corruption
Regulations passed in China since President Xi Jinping announced his anti-corruption campaign have led to the punishment of government officials. But limiting extravagant spending on galas, cars, and gifts is affecting the global luxury goods market.
China Business Review
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Australia/Oceania
"Too-big-to-fail" tax proposed for big lenders
Credit unions and other customer-owned lenders in Australia are lobbying the Australian government to apply a tax on some of the biggest banks in an effort to increase competition and reduce risk in the financial system.
Sydney Morning Herald
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Toyota's exit will leave Australia without auto industry by 2017
Japan Today
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Europe
Regulators scrutinize weaknesses in EU tax laws
The European Union’s antitrust enforcer is taking a closer look at corporate tax loopholes to determine whether some multinationals have received illegal tax breaks.
Reuters
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NSA scandal invigorates German IT sector
German multinationals have asked for their data to be processed in Germany and German IT startups expect demand for their data protection services to rise in the wake of the NSA spying scandal, which has damaged trust in U.S. technology firms.
Der Spiegel
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UK accounting sector bouncing back after recession
Economia
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Barclays to shed up to 12,000 jobs in restructuring
New York Times
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Russia offers citizenship in return for business investment
Moscow Times
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AICPA News
The impact of emerging technologies on ethics
The March 18 webcast on the “Impact of Emerging Technologies on Ethics” explores the revamped AICPA ethics code and ethical issues as they relate to IT professionals and addresses threats posed by emerging new technologies. IMTA Section members, including CITP credential holders, save 20% on this webcast.
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AICPA Resources
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Global CPA Report
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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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