Global CPA Report June‌ 11, 2014
Spotting Fraud  Free Guide for Non-Profits

Top Stories
Implementing the new revenue recognition standard may take many hands
Many companies will discover that finance and accounting will need the expertise of multiple other functions to successfully implement the converged revenue recognition standard.
Journal of Accountancy
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Eight cures for costly time-management ills
Poor time management is a huge drain on company assets. Top executives, as well as lower-level employees, spend many hours responding to email and attending unproductive meetings. Find out how to prevent eight time management sins.
CGMA Magazine
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Africa
A young accountant learns his first lessons as entrepreneur
Lefa Molete wasn’t expected to amount to much. But in 10th grade he discovered his talent for math and accounting. Now, he and a partner are building their own accounting firm in Johannesburg, South Africa.
Accountancy SA
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Americas
Americans shouldn't expect their foreign accounts to remain secret
Eager to stay in the U.S. market, about 77,000 banks around the world and some 70 countries agreed to meet requirements under the U.S. Foreign Account Tax Compliance Act and share information about American accounts holding more than $50,000.
Forbes
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US finance professionals concerned about finding the right hires
U.S. finance professionals are optimistic about the U.S. economy and their own business, but finding the right people to expand their staff is becoming a challenge.
Journal of Accountancy
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Of soccer, samba, and taxes
Brazil will be in the global spotlight this summer, when the best soccer teams in the world compete there for the 2014 FIFA World Cup. Besides beaches, dances, and its own world-class soccer team, however, Brazil also has what may be the most complex indirect tax system in the world. For the unwary, investing in Brazil may resemble a trip into the depths of the Amazon rain forest.
The Tax Adviser
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OECD tax talk alarms US multinationals
The Business Roundtable, a U.S. business lobby, wrote a letter to U.S. Treasury Secretary Jack Lew, expressing concerns about a proposed crackdown on profit shifting headed by the Organisation for Economic Co-operation and Development.
Financial Times
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Former SEC Chair Cox: IFRS adoption in U.S. no longer possible
Compliance Week
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Canada charges two Americans, one Brit in landmark corruption case
The Globe and Mail
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Brazil reduces foreign loan tax to prop up the real
Bloomberg
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Asia
Big Four, SEC trying to settle dispute over access to Chinese audit documents
The Chinese units of the Big Four accounting firms and the U.S. Securities Exchange Commission are trying to settle their long-running dispute over the regulator’s access to audit work papers of U.S.-listed Chinese companies.
FCPA Blog
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Why the accounting profession's reputation needs rebuilding in Asia Pacific
The chairman of KPMG Asia Pacific talks about the profession’s reputation in the region, which, he believes, has been damaged by the competing needs of the profession and industry.
InTheBlack
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Poor public procurement practices cost Indonesia $4 billion annually
FCPA Blog
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Europe
Figuring the economic odds of Scotland's independence gamble
Becoming independent from England could have benefits for Scotland. But it also carries with it massive amounts of uncertainty and risk.
Economia
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Salaries for UK accountants on the rise
A combination of a skills shortage and the opportunities provided by the resurgent U.K. economy have created a highly competitive market for finance and accounting talent.
CGMA Magazine
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Italy's youth unemployment hits 43.3%, a record high
International Business Times
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Swiss bank account could cost US man more than $2 million in civil penalties
Swissinfo
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European Commission recommends adapting tax rules to digital economy
CGMA Magazine
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Middle East
Will Israel become a cashless society in its fight against money laundering?
The Israeli government is debating several recommendations aimed at fighting tax evasion and money laundering. They include a $1,400 limit on cash transactions between businesses and limits on the use of checks.
Reuters
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AICPA News
How to use the revised ethics code
The revised AICPA Code of Professional Conduct was approved in January and will take effect Dec. 15. Changes were made to the format and the substance of the code to enhance user experience. Find out how to use the new format, do advanced searches, and bookmark in this step-by-step case study.
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Understanding the new revenue recognition standard
The prospect of preparing for a historic, game-changing revenue recognition standard can be daunting for any company. The webcast “Understanding the New Revenue Recognition Standard,” on June 16 will provide an overview of the new standard and will discuss how to prepare for the transition to the converged standard.
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AICPA Resources
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Global CPA Report
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