Global CPA Report March‌ 19, 2014
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Top Stories
The world's most expensive cities for expats
Tokyo lost its spot as the world’s most expensive city for expatriates getting paid in U.S. dollars, a ranking the Japanese capital held for much of the past two decades. Find out which city took Tokyo’s place this year.
CGMA Magazine
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Are you ready to kiss passwords goodbye?
A group backed by heavyweights such as Google and PayPal is working to make multi-factor authentication a viable replacement for usernames and passwords.
The Register | NetworkWorld
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Five competencies future leaders should have
A new generation of leaders is entering the workplace, and its ideas of leadership are influenced by technology that offers unlimited access to information. Look for five competencies to select those capable of leading the business into the future.
CPA Insider | Accountancy SA
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Africa
The vision of EY's Africa CEO
Since becoming CEO of EY Africa in 2010, Ajen Sita has redefined the Big Four firm’s Africa business to deal with a skills shortage and increasing demand for services on the continent.
Accountancy SA
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Americas
States going after small businesses that don't pay their taxes
Revenue departments in several U.S. states are using new compliance tools to collect billions of dollars in taxes that small business owners and the self-employed fail to pay every year.
Bloomberg Businessweek
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Brazil hopes to rival China in production of rare-earth minerals
China is expected to get competition as the world’s leading producer of rare-earth minerals in 2017. A privately owned developer plans to start a project in Brazil to mine the minerals, which are used in high-tech alloys, fiber-optic technology, lasers, batteries, and energy-efficient light bulbs.
Mining Weekly
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US citizens abroad facing tax compliance issues
U.S. citizens abroad face an array of tax compliance dilemmas. Americans must report their worldwide income regardless of whether they are paying local taxes where they live. Many expats are not complying with regulations, and it is causing many of them to lose their banking relationships, home loans, and more.
Forbes
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Bolivian anti-corruption chief found guilty of extortion
Miami Herald
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Asia
Japanese workers to get first pay raise in six years
Large Japanese manufacturers, including Toyota, Hitachi, and Panasonic, approved the first pay raises for their employees in six years. Increased wages are important for Japanese Prime Minister Shinzo Abe’s plan to end long-standing deflation.
Japan Times
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Japan eyes higher capital gains taxes
Japan Times
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Australia/Oceania
Higher Australian exports to Asia depend on shift in industry supports
Australia must shift government support to its agricultural industry if it wants to boost exports to Asia, a report suggests.
Sydney Morning Herald
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Europe
EU to introduce Chapter 11-type bankruptcy
European Union countries may soon offer companies opportunities to reorganize their debt when filing for bankruptcy. The proposal by the European Commission was inspired by Chapter 11 of the U.S. bankruptcy laws.
Accountancy Age
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Top accountants fail to index UK tax code
A team of top accountants tasked with making the UK tax code more transparent has given up. The team tried twice to measure and rank the complexity of provisions in the HM Revenue & Customs Tax Code but found it too difficult.
The Telegraph
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Luxembourg scuttles proposed EU law to fight cross-border tax evasion
Luxembourg vetoed proposed EU legislation that would have implemented new policies aimed at curbing tax evasion, including automatic exchange of information among European countries. Luxembourg, which has strong bank secrecy laws, is concerned that deposits will be moved to banks outside Europe if Europe's rules become stricter.
U.S. News & World Report | Deutsche Welle
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Worries about money laundering prompt EU to propose stiffer rules
FCPA Blog
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German soccer legend to spend 3½ years behind bars for tax evasion
The Guardian
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UK celebs threatened with big tax bill over film deal
Forbes
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AICPA News
Best practices for US GAAP financial statements
A valuable tool, U.S. GAAP Financial Statements—Best Practices in Presentation and Disclosure provides hundreds of high-quality disclosure examples from carefully selected U.S. companies in more than 100 industries. The companies include Google, Ford, Target, and The Goldman Sachs Group. You’ll find illustrations of the most important, immediate, and challenging disclosures, such as derivatives and hedging, consolidations, and fair value measurement, as well as recently effective disclosure requirements.
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