Global CPA Report April‌ 23, 2014
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Top Stories
Organizations take preventive steps, but payments fraud still persists
Payments fraud is a global concern, but the preventive measures taken by companies have done little to stop attempted or actual fraud, according to an annual AFP survey.
CGMA Magazine
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Regulators suggest firms take deep dive into audit quality
The International Forum of Independent Audit Regulators is seeking analysis by audit firms to discover remedies for persistent problem areas that have emerged in audits globally.
Journal of Accountancy
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IASB proposes bank hedging rule reform
The International Accounting Standards Board has unveiled proposals that would reform the organization’s existing bank hedging rules.
Reuters | Journal of Accountancy
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Ask these questions before you present data
Business presentations can be nerve-wracking, especially when you have mounds of potentially mind-numbing data to show the audience. Answering these five questions ahead of time will ensure that you pick the appropriate method to display crucial data.
Harvard Business Review
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Africa
African countries seek help with curbing illegal financial outflows
Nigeria and other African countries have asked the World Bank and International Monetary Fund to help stop to the illegal outflow of money from the continent.
This Day Live
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Study: Tax incentives cost Ghana $1.2 billion annually
GhanaWeb
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Americas
Americans wonder: Did I overpay my taxes?
The U.S. tax code has become so complex that the average taxpayer has no idea if he or she paid the right amount. Even former Defense Secretary Donald Rumsfeld is confused; he sent a letter to the IRS after filing his taxes, saying, “I know that I do not know whether or not my tax returns are accurate.”
The Washington Post
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Canada tax agency restarts online tax filing
The Canada Revenue Agency brought its e-services back online after a four-day shutdown. The systems were shut down because they were vulnerable to the Heartbleed security flaw. Canadian police charged a man with using the bug to steal data from the agency’s website.
The (Montreal) Gazette | Reuters
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Court ruling doesn't stop conflict minerals compliance work
Journal of Accountancy
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FASB changes discontinued operations reporting guidance
Journal of Accountancy
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Three ways preparers can reduce disclosure overload
Journal of Accountancy
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Asia
Sales tax hikes hurt luxury goods sales in Japan
The first sales tax hike in 17 years has affected sales of luxury goods and appliances in Japan. Department stores are reporting up to 25% declines in sales following the April 1 tax hike.
Japan Today
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Australia/Oceania
Negative gearing in Australia's spotlight
Some Australians may no longer be able to take full advantage of generous tax breaks related to deduction of losses they make on investments, including mortgage interest. Australia is one of the few developed countries that allows this so-called negative gearing, which one economist says leads to inflated housing prices.
The Sydney Morning Herald
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Europe
EU Parliament adopts nonfinancial disclosure requirements
The European Parliament adopted a directive that would require large public-interest entities to make certain nonfinancial disclosures on environmental and social issues, including board diversity.
CGMA Magazine
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Britain will make it easier to prosecute offshore tax evaders
Chancellor George Osborne announced plans that would make it easier for Her Majesty’s Revenue and Customs to prosecute individuals who hide money offshore.
Economia
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Germany can continue renewable energy tax breaks
Tax-News
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Irish effective corporate tax rate below 11%
Tax-News
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Hedge funds want Walgreens to move to Europe
Bloomberg Businessweek
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AICPA News
Forensic techniques to recognize fraud
The audio webcast “Explore Forensic Techniques to Recognize Fraud” on April 29 will help accountants sharpen their investigative techniques to uncover fraudulent financial reporting and to redesign internal controls to prevent misappropriation of assets.
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Global CPA Report
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