Global CPA Report April‌ 2, 2014
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Top Stories
Boost your business by addressing these four client needs
Spread the word on all the ways you can help, because your clients probably don’t know all you can do. Four areas of needs stand out in discussions with accounting firm owners and from business news sources and surveys.
CPA Insider
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The world's most ethical companies
The world’s most ethical companies support a culture of ethics, are committed to transparency, and enforce high standards. Find out which 17 companies have earned the award the most often.
CGMA Magazine
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OECD offers reforms on taxing internet companies
A discussion document issued by the Organisation for Economic Co-operation and Development tackles aggressive tax avoidance by internet companies that reduce their tax bills by routing profits to tax havens.
Financial Times | Economia
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Africa
South Africa criticized for failure to enforce anti-bribery laws
South Africa signed on to the convention on combating bribery of foreign public officials in international business transactions in 2007, but the nation has yet to prosecute a single case, the Organisation for Economic Co-operation and Development reported.
FCPA Blog
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Americas
How CPAs can serve their clients better
To stay relevant, accountants need to drive economic progress, get training to offer new services, and become better communicators, says author and technology reviewer Geni Whitehouse, CPA.
LinkedIn
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Six cybersecurity basics
Speakers on a U.S. Securities and Exchange Commission panel discussed cybersecurity dangers and best practices aimed at protecting companies and investors.
Journal of Accountancy
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Petrobras' purchase of Texas refinery haunts Brazilian president
President Dilma Rousseff blames an incomplete executive summary for her vote in favor of a deal that ended up costing Brazil’s state-owned oil company Petroleo Brasileiro $1.2 billion. Meanwhile, Brazil’s opposition legislators asked the country’s top prosecutor to investigate Rousseff’s involvement in Petrobras’ purchase of the Texas refinery at the center of the deal.
The Economist | Reuters
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IRS clarifies tax treatment of virtual currencies
The U.S. Internal Revenue Service issued its first guidance on how tax rules will apply to bitcoin and other virtual currencies, including whether they will be treated as currency or as property.
Journal of Accountancy
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Bankrupt MF Global sues PwC
Bloomberg
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CEO of Mexican oil services company under house arrest while fraud investigation continues
New York Times
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Gambler's luck turns in second trip to US tax court
Journal of Accountancy
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US Supreme Court rules severance payments are subject to FICA
Journal of Accountancy
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Asia
Updated parts of India's Companies Act bring sweeping changes
The second update of India’s 60-year-old corporate laws, also known as the 2013 Companies Act, took effect April 1. With half of the act now operational, companies will have to comply with new regulations involving incorporation, audits, and management.
Business Standard | The Hindu
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China plans to go after tax evaders with Chinese version of FATCA
South China Morning Post
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Australia/Oceania
How auditors can become more relevant in capital markets
Audit leaders at a CPA Australia forum discuss how the profession can overcome challenges that accompany new analytical and data mining technologies.
InTheBlack
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Europe
Russia looks east for business to counter sanctions
Facing sanctions from the West, Russian President Vladimir Putin is counting on China to be able to show Europe and the U.S. that he does not need them for business, energy deals, military contracts, and political alliances.
Japan Times
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Eurozone banking industry faces first-of-a-kind stress tests
Thousands of auditors of the European Central Bank are about to descend on Europe’s banking industry to examine balance sheets to perform stress tests that have not been conducted before.
Der Spiegel
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EU effort to fight tax evasion ramps up
Compliance Week
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AICPA News
Doing Business in China conference
The AICPA “Doing Business in China Conference” on July 17 and July 18 in San Francisco will focus on providing strategic thinking, expert insights, and practical solutions for doing business in China. It will feature a full agenda of sessions to provide the latest on business trends evolving in China.
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Global CPA Report
Lead Editor: Sabine Vollmer
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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