Global CPA Report Aug.‌ 13, 2014
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Top Stories
Survey: Accounting profession is most profitable
Accounting ranks higher than all other industries in profit margin, according to a new survey. The profit margin over the past year for accounting, tax preparation, bookkeeping, and payroll services was 19.8%. Find out which other industries are in the top five.
Chicago Tribune
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Proposed guidance outlines 12 principles for internal auditing
Proposed changes to guidance followed by internal auditors include a new mission statement and a set of 12 core principles that highlight what effective internal auditing looks like in practice.
Journal of Accountancy
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Employees want flexibility; what that means for talent management
In the coming years, the world of work will be shaped by employees' desire for autonomy and flexibility, which may sound the death knell for traditional models of employment and office spaces, according to a PwC report.
CGMA Magazine
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Africa
US companies pledge billions in Africa
Blackstone and General Electric are among the U.S. companies to have announced investments in African energy and infrastructure projects at the first U.S.-Africa Leaders Summit. The summit is designed to strengthen U.S. ties with the continent, which is also attracting investment from China.
BBC | Reuters
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Americas
What's behind Americans' failure in math?
Number skills are a challenge for U.S. students and adults as initiatives for improving the teaching of math have been unsuccessful through the years. Failure to provide teachers with guidance on implementing new ideas is one reason for the lack of positive results.
New York Times Magazine
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Walgreens shuns tax inversion strategy
U.S. pharmacy chain Walgreens announced that it will not pursue the tax-saving strategy of moving its headquarters overseas, after the Obama administration announced its willingness to take executive action against such inversions. Does this spell the end of tax inversions?
Forbes | Telegraph
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Canadians moving to US face double taxation
Without proper tax planning, Canadians who move to the United States can face problems with income taxes, transfer taxes, and retirement savings. Here's a look at the differences between the two countries' tax systems that can get Canadian emigrants into tax trouble.
The Tax Adviser
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Mexico introduces new corporate e-filing requirements
Mexico's tax authorities have issued new rules, requiring monthly e-filing of accounting records with the government. Records that must be kept and submitted electronically include the company's chart of accounts, trial balance, and journal entries.
Tax-News
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US lawmakers propose Tax Refund Theft Prevention Act
Tax-News
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AICPA seeks feedback on private-entity audit quality initiative
Journal of Accountancy
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Asia
Chinese financial regulators seek to bolster moral conduct
Recent scandals involving insider trading and dubious accounting have dealt a blow to Chinese investors' confidence in financial markets. Now regulators are responding by trying to ensure that individuals and companies act morally. The centerpiece of the plan is a "social credit system" designed to assess market participants' behavior.
China Daily
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Thailand proposes freezing tax fraudsters' assets
Thailand's government is proposing legislation that would freeze the assets of tax fraud suspects and give the Thai revenue department more power to go after fraudsters. Thai law currently provides no tools for its tax agency to stop financial transactions by those suspected of tax fraud.
Bangkok Post
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Japan plans to simplify tax deductions for donations to municipalities
Japan's hometown tax payment system would be simplified under proposals issued by the Abe administration. The system is designed to help rural areas, but donors complain that the procedures are too cumbersome.
The Japan Times
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Australia/Oceania
Governance concerns in Asia-Pacific
A recent survey of 1,200 business stakeholders across the Asia-Pacific region shows a varying amount of confidence in countries' governance standards. Australia, for instance, is considered to be well-governed overall, with concerns about shareholder protection and auditing standards. In China, corruption and political interference were among the major concerns, even though more than two-thirds of respondents believe the government is serious about tackling corruption.
InTheBlack
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Europe
UK retirees may take pensions in cash instead of annuities
About one-third of retirees in the U.K. will take advantage of a new option to take their retirement income in cash, according to a U.K. tax authority estimate. New flexibility rules allow retirement savers beginning in April 2015 to withdraw their savings in cash, but doing so rather than purchasing an annuity could have dire consequences.
BBC
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UK FCA issues guidance on financial promotions in social media
The way companies use social media is under scrutiny by regulators across the globe. A U.K. regulator has issued guidance for financial services companies on the use of social platforms as a vehicle for customer communications.
CGMA Magazine
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German law enables implementation of FATCA
Tax-News
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AICPA News
2014 AICPA PCPS/TSCPA National MAP Survey deadline extended
The deadline for completing the 2014 AICPA PCPS/TSCPA National MAP Survey has been extended to Aug. 15. Members can still participate in the premier benchmarking survey for public accounting firms and compare their firms' performance against that of peers. The personalized results can pinpoint what it will take for a firm to perform "above average" in the most important categories.
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