Global CPA Report March‌ 26, 2014
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Top Stories
Ban the buzzwords, get better results
What do value proposition, mindshare and ecosystem have in common? They are examples of the kind of jargon that has infiltrated business speak. Research shows companies that opt for clarity over buzzwords enjoy better stock performance.
InTheBlack
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Regulatory inconsistencies provide opportunities for money launderers
Regions with more developing countries, such as the Middle East and Africa, Asia Pacific, and Central and South America, reported a need to take a more proactive approach to reduce their vulnerability to financial crime.
CGMA Magazine
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44 countries sign up to automatically exchange financial information
The Organisation for Economic Co-operation and Development’s proposed common reporting standard for automatic exchange of information, part of its effort to fight global tax evasion, got a boost when 44 countries agreed to adopt the standard and start exchanging information by September 2017. Among the countries pledging to cooperate are some regarded as tax havens.
CGMA Magazine
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Africa
The importance of transformation management
A strong communications plan and clarity around the business case for a change in systems are among the factors that are critical to successfully implementing new systems.
Accountancy SA
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Americas
What's your fraud IQ?
Test your knowledge of how to prevent fraud with these 10 questions.
Journal of Accountancy
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More accounting firms expected to merge
More mergers and acquisitions among accounting firms are expected to close as Baby Boomers retire, and as more firms seek to expand services and geographic reach, writes Joel Sinkin, president of Transition Advisors. Firms seeking suitable acquisitions in the near to medium term will need to be aggressive as the market no longer favors sellers.
AICPA Insights
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Boards can't reach consensus on lease expense recognition
Despite reaching different conclusions for lessee and lessor accounting guidance last week, FASB and the International Accounting Standards Board pledged to work together to minimize their differences.
Journal of Accountancy
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New York moves past London to become world's leading financial center
Bloomberg
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U.S. offshoring targets Latin America
CGMA Magazine
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Asia
India's Supreme Court orders Nokia to guarantee tax liabilities
India’s Supreme Court ordered Nokia to set aside INR 35 billion (about $572.5 million) to guarantee the tax liabilities of its Indian unit before it can transfer assets to Microsoft as part of the sale of the unit. The order comes on top of INR 22.5 billion that Nokia has already agreed to pay into a tax escrow account as part of its dispute with India’s tax authorities.
Reuters | Bloomberg
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Chinese real estate developer faces mountain of debt, possible bankruptcy
Zhejiang Xingrun Properties, a major real estate developer in China, is unable to pay back CNY 3.5 billion (about $565 million) in debt and could be nearing bankruptcy—a scenario that comes on the heels of China’s first corporate bond default.
CNNMoney
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Australia/Oceania
New Zealand tax authority interprets residency rule for expats
New Inland Revenue Department guidance on residency rules might ease concerns of New Zealanders who live and work in other countries and rent out property they own on the island nation. But some tax experts say the new guidance isn’t helpful.
The New Zealand Herald
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Top 100 CFOs say Australia needs patent box tax breaks for research
BRW
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Europe
EU approves IASB funding, with limitations
Lawmakers in Europe approved funding for the oversight body of the IASB, but the money could be eliminated if the IFRS Foundation and EFRAG don’t make certain governance changes.
AccountancyAge
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UK regulator issues crowdfunding rules
The UK’s Financial Conduct Authority will limit individual investors’ participation in securities-based crowdfunding and require loan-based operators to be more transparent.
CGMA Magazine
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Bonuses for UK bankers rose in 2013
Reuters
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Spain promises 2015 tax cuts for individuals
Tax-News
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AICPA News
Best practices for US GAAP financial statements
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—including the newly added banking, credit and insurance—from such organizations as Google, Ford, Target, and The Goldman Sachs Group. Don’t spend your time searching for the most helpful example of a given disclosure, let AICPA’s experts do the work for you.
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Global CPA Report
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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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