Global CPA Report June‌ 18, 2014
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Top Stories
The best defenses against hackers
The worldwide cost of cybercrime is up to about $445 billion per year and businesses are beefing up IT security. But that is not likely to stop the increasing number of breaches, security experts suggest. 
Reuters | Washington Post
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Goldman Sachs' take on the World Cup final four
Who are you rooting for in the 2014 World Cup? While most of us support our home nation or favorite players, a group of analysts from Goldman Sachs has taken a somewhat less romantic approach to forecasting the winners.
CGMA Magazine
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Four basics of a smart audit
Auditors of small and midsize entities are facing challenges related to the increasing number of legal and regulatory requirements. Following these four basics can help deliver consistency in the meaning and quality of audits.
InTheBlack
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10 tools to manage change
Change has become a constant in business, but nearly half of all change initiatives fail. Find out how time-honored techniques can increase your success rate and prevent waste, confusion, and diminished morale. 
Strategy+Business
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Africa
Five steps to tackle Africa's economic hotspots
Multinational companies are rapidly warming to the idea of expanding their businesses into Africa, especially to sub-Saharan markets. To master the considerable challenges in these markets, companies can follow five steps.
CGMA Magazine
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Americas
IRS adopts "Taxpayer Bill of Rights"
To better inform taxpayers about statutory and administrative protections, the Internal Revenue Service adopted the “Taxpayer Bill of Rights,” modeled after the U.S. Constitution’s Bill of Rights. It consists of 10 broad provisions.
Journal of Accountancy
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Senate considers a one-time tax break for US companies to repatriate cash
A bipartisan group of senators is considering offering U.S. companies a one-time reduction in taxes they would have to pay to bring back profits piled up abroad.
Reuters
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Why Brazil's growth engine is sputtering
Economic growth in Brazil has been sluggish for more than two years and shows no signs of accelerating. Find out what’s ailing this emerging market.
EconoMonitor | McKinsey Insights
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US energy services company expands corruption probe to Mexico
Petro Global News
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IRS tightens filing rules for foreign corporations
Journal of Accountancy
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Asia
Japan working on lowering corporate taxes
Japan’s government wants to cut the corporate tax rate to raise foreign direct investment in the country. The question: How big should the cut be?
Japan Times
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Expectations for economic reform put India's investors in bullish mood
India’s new prime minister is expected to introduce pro-growth reforms, fanning excitement among investors.
Financial Times
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Vietnamese banker sentenced to 30 years for multimillion-dollar fraud
Australia Network News
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Dwindling of US aid expected to hurt Afghan economy
The Washington Post
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Australia/Oceania
Google's Australian tax breaks
Google takes advantage of Australia’s generous research and development tax breaks and then transfers the intellectual property it develops to other countries. But there’s more. Google Australia doesn’t seem to generate any revenue in Australia.
Sydney Morning Herald
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Europe
UK "strategic report" guidance targets clarity and usefulness
New U.K. regulations require certain businesses to prepare a strategic report as part of their annual report. The requirements apply for reporting periods ending on or after Sept. 30, 2013.
CGMA Magazine
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Many EU companies fall short of IFRS compliance
Compliance with IFRS continues to challenge companies in the European Union, EU markets regulators have found.
Compliance Week
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AICPA News
The CGMA Competency Framework and exam
The CGMA Competency Framework is designed to help management accountants and their employers understand the knowledge requirements and assess the skills needed for both current and desired roles. A video helps explain the framework, its creation, and how it can be used. “FAQs for the CGMA exam” will help those who have to take the exam starting in 2015 to pursue the Chartered Global Management Accountant designation.
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Best IFRS practices
IFRS Financial Statements – Best Practices in Presentation and Disclosure 2012/2013draws from a carefully selected pool of 175 IFRS companies from 45 countries across various industries and is an invaluable resource, offering a multitude of high-quality disclosure examples.
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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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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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