Global CPA Report July‌ 16, 2014
Pitfalls in Foreign Investor Tax Planning. Free download.

Top Stories
Key accounting and finance skills to succeed in the global economy
Find out which skills finance and accounting professionals need to add to meet new responsibilities in a constantly changing global economic environment.
CGMA Magazine
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Leading change without upsetting the troops
Learn what executives can do to lead strategic change and keep the support of middle management in the process.
INSEAD
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Americas
Tax breaks prompt more companies to move headquarters out of US
The lure of lower taxes is attracting an ever rising number of companies to reincorporate outside the U.S., according to data by the Congressional Research Service.
Washington Post
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How Brazil narrowed its income gap
In the past two decades Brazil managed to corral its income inequality, which used to be one of the largest in the world. Find out how.
FiveThirtyEightEconomics
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What tax preparers need to know about digital currency
Many consumers who use bitcoin to pay for online purchases will be entering a tax preparer’s office without realizing that their bitcoin activity has tax consequences. To prepare, tax professionals should have a basic understanding of bitcoins and be able to identify clients engaging in bitcoin transactions.
Journal of Accountancy
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CAQ field tests result in 4 key observations to identify "critical audit matters"
Center for Audit Quality field tests of changes the Public Company Accounting Oversight Board proposed to the auditor’s reporting model resulted in four observations related to the classification and description of critical audit matters.
Journal of Accountancy
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Software industry faces changes in revenue recognition
Journal of Accountancy
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IRS asked to update Form 1040
Journal of Accountancy
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Fitch considers US adoption of IFRS unlikely
AccountingWeb
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Asia
Financial risks ease as local governments are borrowing less frantically
Local government debt in China is still high but rising at a slower pace, thanks to heightened oversight of borrowing and a Chinese economy that is also growing slower.
Bloomberg
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3 signs India's economy is gaining steam
Optimism in India is returning following government reforms that started in late 2012, and business sentiment has improved in the wake of the election of a new Indian prime minister this year.
CGMA Magazine
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Thai economy struggles under military leadership
Bloomberg Businessweek
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Europe
The price of cleaning up the scandal-ridden Vatican bank
Straightening out operations at the Vatican bank, which has been tainted by money-laundering allegations, has come at a high financial cost.
Reuters
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UK accounting profession fears skills shortage
U.K. accounting firms are struggling to recruit new talent, and job vacancies in banking and financial services are projected to rise by as much as 15.7%.
Economia
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Celebrities accused in UK tax avoidance schemes
Independent
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Accountant testifies in corruption case against Spanish king's brother-in-law
Economia
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AICPA News
Young CPAs exchange ideas
The AICPA E.D.G.E. Conference, from Aug. 6 to 8 in New Orleans, allows young CPAs to exchange ideas to maximize their career trajectories, improve their leadership and communication skills, and prepare for their future responsibilities.
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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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