Global CPA Report July‌ 9, 2014
Pitfalls in Foreign Investor Tax Planning. Free download

Top Stories
How to fight fraud with professional skepticism
Informed skepticism is important for auditors, board members, and finance executives to deter fraud, which is often committed by people we’ve come to trust.
CGMA Magazine
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The cost of more transparency in country-by-country income tax reporting
The Organisation for Economic Co-operation and Development’s just released proposed country-by-country template to report income taxes encourages more transparency, but its proposed reporting requirements would also add cost.
The Tax Adviser
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5 ways to become a better leader
Find out how to adjust your attitudes and beliefs to become a leader who guides an organization toward positive change.
McKinsey Insights
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Africa
The most promising young accountants in South Africa
Get to know the 35 most outstanding young accountants in South Africa—handpicked for their career achievements and giving back to their communities.
Accountancy SA
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Americas
FATCA's unintended consequences
The U.S. Foreign Account Tax Compliance Act, which took effect July 1, is supposed to prevent tax evasion. But compliance with FATCA has some unintended consequences.
The Economist
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Should the US Export-Import Bank be closed?
Republicans and Democrats are embroiled in a debate over whether the 80-year-old Export-Import Bank, which provides loans, guarantees, and insurance to U.S. exporters, should be closed or reformed.
The Hill | Washington Post | Time
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Thieves tap online Brazilian payments
A cybercrime ring has been able to hack into a popular online payment method that Brazilians use for transactions totaling up to $3.75 billion, including telephone bills, mortgage payments, and school tuition, according to security researchers.
New York Times
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Unused ITINs will expire after five years under new IRS policy
Journal of Accountancy
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BNP Paribas case shows the power of the US dollar
New York Times
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Mexican tax authority has head start in dealing with software piracy
BNamericas
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Asia
Abenomics on track to reform Japan
Japanese Prime Minister Shinzo Abe is about to complete broad reforms that promise to end 20 years of economic stagnation.
Economist
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Audit office is China's secret weapon in anti-graft crackdown
China’s secretive National Audit Office does more than provide leads to expose wrongdoing by corrupt government officials, according to the Communist Party’s youth league newspaper.
South China Morning Post
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Member of China's elite Politburo under investigation for bribery
New York Times
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Australia/Oceania
What integrated reporting can really do
In Australia, integrated reporting is mainly used to cut the clutter in corporate reporting. CPA Australia policy adviser John Purcell argues that accountants are missing an opportunity to transform business.
InTheBlack
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Australian authorities pursue tax dodgers with overseas accounts
Sydney Morning Herald
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Europe
The limits of US sanctions against Russia
The example of a small, U.S.-traded company suggests U.S. sanctions against Russia are likely to have little impact, because U.S. businesses have become intertwined with the Russian economy.
Bloomberg
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Swiss banking secrecy is no more
Find out what the U.S. Foreign Account Tax Compliance Act means to U.S. citizens holding Swiss bank accounts, which used to be shielded by a vaunted tradition of secrecy.
SwissInfo
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EU to close multinationals' tax loophole
CGMA Magazine
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AICPA News
Center for Plain English Accounting
Members of the AICPA’s Private Companies Practice Section can sign up for the Center for Plain English Accounting to receive monthly reports and regular alerts on timely topics, participate in CPE-eligible webcasts throughout the year, and receive written technical responses to written questions.
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Doing Business in India
The first AICPA Conference on Doing Business in India on July 24 and 25 in New York will provide strategic thinking, expert insights, and practical solutions and address the latest business trends emerging in India.
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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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