Global CPA Report Aug.‌ 24, 2016
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Top stories
IFRS 9 rattles large banks
Less than two years ahead of the implementation of new IFRS 9 rules for accounting for financial instruments, uncertainty and lack of preparedness dominate at nearly half of about 90 large banks worldwide, a survey suggests.
Financial Times (registration required)
 
Developing a winning mindset
Former Olympian Sally Gunnell explores the lessons she learned from a career in elite athletics and how they can help professionals achieve their business goals.
CGMA Magazine
 

Africa
Anti-competitive behavior becomes a crime in South Africa
Starting May 1, South Africa’s Competition Act will impose stiff penalties, including possible jail time, for managers and directors whose companies are found to be involved in collusion and price fixing.
Accountancy SA
 

Americas
How US manufacturing is thriving
U.S. manufacturers have shed 28% of their jobs in the past 20 years, but the value of their output has been on a steady rise for a century.
strategy+business
 
5 ways to better manage third-party assurance programs
Companies are increasingly expecting outsourcing to do more than reduce costs. Meanwhile, third-party risk-reporting regulations are evolving. Here are five recommendations to better manage third-party assurance programs.
CGMA Magazine
 
Considerations on whether to check the box for foreign subsidiaries
The ability to “check the box” and choose the U.S. tax treatment of a foreign eligible entity provides U.S. taxpayers the powerful option of electing how to treat their foreign subsidiaries. 
The Tax Adviser
 
IRS audit of Facebook's transfer pricing could result in $5 billion tax bill
Bloomberg BNA
 
"Victory taxes" US athletes pay for gold, silver, and bronze medals
USA Today
 

Asia
Foreign investors find India's regulatory and tax environment challenging
Foreign investors consider India an attractive market despite relatively high trading costs and a challenging tax and regulatory environment.
Forbes
 
What China should do to deal with corporate debt
China needs to implement reforms to address the root causes of its corporate debt problem, according to David Lipton, first deputy managing director at the International Monetary Fund.
Project Syndicate
 
Indonesia and Malaysia consider turning islands into tax havens
Property Report
 

Europe
UK proposal targets accountants who help clients evade taxes
U.K. tax authorities propose to impose heavy fines on U.K. advisers and accountants who help clients evade taxes.
International Adviser
 
What Brexit will do to international tax planning
U.K. taxes are likely to change once the nation leaves the European Union. 
The National Law Review
 

AICPA News
AICPA proposes modifying peer review reports, firm representation letters
Peer review reports would be modified to clearly indicate if a single audit was selected under a proposal issued by the AICPA Peer Review Board.
Journal of Accountancy
 
CPE standards update accommodates new forms of learning
The AICPA and the National Association of State Boards of Accountancy (NASBA) changed the standards for continuing professional education providers as well as NASBA’s Fields of Study document to allow credit for nano-learning and blended learning platforms.
Journal of Accountancy
 

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