Global CPA Report May‌ 21, 2014

Top Stories
World's most cost-competitive export nations
Increasing labor and energy costs are changing in the emerging economies where companies have traditionally found the most competitive manufacturing options. Find out which countries are under pressure and which are rising stars.
CGMA Magazine
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Businesses worry OECD effort will lead to double taxation
An effort by the Organisation for Economic Co-operation and Development to eliminate base erosion and profit shifting is making companies uneasy. Businesses worry that the effort, which is supported by G-20 leaders, will lead to chaos and double taxation.
Economia
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How to build more effective teams
The MIT Sloan School of Management’s Center for Collective Intelligence was created to find out what makes teams smarter and more effective in accomplishing goals. The center’s founding director presents first results.
strategy+business
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Africa
South Africa needs to explore ways to ease the skills shortage in accounting
The shortage of accountants in South Africa has likely gotten worse in the past five years. But there are ways for the profession to promote and attract more talent.
Accountancy SA
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Americas
Payroll and tax are top choices for outsourcing in finance
Nearly half of U.S. and Canadian companies are outsourcing payroll, according to a survey. A majority of respondents continue to reconcile their accounts manually.
CGMA Magazine
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New regulations mean big changes for brokers and dealers—and their auditors
New regulations that take effect June 1 will lead to significant changes for brokers and dealers, futures commission merchants, and their auditors.
Journal of Accountancy
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Commissioner calls for more IRS funding
Internal Revenue Service Commissioner John Koskinen said the IRS needs more money to effectively do its job, especially with the added responsibilities under the Patient Protection and Affordable Care Act.
Journal of Accountancy
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$400 million fraud gets Citigroup employees fired in Mexico
New York Times
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IRS drops legal battle to regulate tax preparers
AccountingWeb
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Asia
Struggling Chinese exporters get government support
China is rolling out several efforts, from faster tax rebates to currency hedging initiatives, to help its struggling trade industry.
Reuters
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Bangladesh to get $60 million for VAT reforms
Bangladesh, a major textile exporter, received a $60 million interest-free loan from the World Bank to modernize its value-added-tax administration, which will help the government implement a new VAT law and increase tax revenue.
Daily Star
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Former head of GSK China charged with bribing doctors and hospitals
Reuters
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BlackBerry turns to Indonesia to regain market share
Toronto Star
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Facebook eyes toehold in China
Financial Times
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Australia/Oceania
Why Australia should consider adopting XBRL
XBRL-enabled financial reports could prove beneficial to corporate regulators, businesses, and investors in Australia, although the technology is rarely used for corporate financial reporting in the country.
InTheBlack
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Europe
Strict new EU rules prompting accounting firms to reevaluate audit strategies
The European Union’s sweeping new rules on audit fees and consulting and tax services have accounting firms rethinking their relationships with client companies.
AccountancyAge
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Indepedent body will try to clean up UK financial sector
Seven of the U.K.'s biggest lenders have agreed to abide by standards of behavior on "culture, competence, and customer outcome" that will be determined by the proposed Banking Standards Review Council.
Financial Times
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AICPA News
XBRL International Conference
The AICPA’s XBRL International Conference, from June 9 to June 11 in Orlando, Fla., addresses implications of the DATA Act, offers lessons from Australia and the Netherlands, where extensible business reporting language for government reporting has reduced red tape and costs, and provides technical sessions to better understand how XBRL works.
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AICPA Resources
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Global CPA Report
Lead Editor: Sabine Vollmer
AICPA
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GlobalCPAReport_Editor@aicpa.org
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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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