Global CPA Report Oct.‌ 9, 2013

Top Stories
Key leadership traits that set CEOs apart
Certain leadership traits set CEOs apart from the rest, according to Russell Reynolds Associates, a global executive search firm. See which key traits distinguish CEOs from other leaders.
CGMA Magazine
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Six basics to get the most out of networking
Networking is less about getting a job, recruiting a client, or winning a contract and more about building relationships, according to Alan Gregerman, consultant and author of "The Necessity of Strangers." Successful networking relies on six basics, he suggests.
U.S. News & World Report/On Careers blog
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Foreign tax collectors threaten to ensnare internet sellers
As countries such as Spain, France, and Australia look to increase tax revenue, the concept of virtual permanent establishment may give them another tool to impose taxes on companies currently beyond their reach.
CGMA Magazine
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How to consistently win new business for your firm
Recruiting new business is one of the top issues for accounting firms of all sizes, and competition for new clients is fierce. Asking yourself these four questions will help you develop a tactical, strategic, and well-managed approach to business development.
CPA Insider
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Africa
First black CEO at Big Four in South Africa oversees transformation of organization
KPMG in South Africa is a lot more diverse than it was in 2006, when Moses Kgosana became the first black CEO of a Big Four auditing firm in South Africa. Find out how Kgosana's personal story and management style aided the transformation.
Accountancy SA
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Americas
Lack of succession planning, graying partners drive surge of small-firm mergers
An increasing number of partners of small accounting firms founded in the 1970s and 1980s are selling their firms because they are nearing retirement age and have not groomed a successor.
Crain's New York Business
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SEC's XBRL mandate is about to fully take effect
The Securities and Exchange Commission's limited liability on XBRL files is in its final days. That means companies must make sure their XBRL filings are accurate and compliant, including companies that outsource this task.
AICPA Insights
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Bankruptcy looms for Brazilian conglomerate
Eike Batista has dropped off the global billionaire list as the conglomerate he founded in 2007, Brazil's OGX Petróleo e Gas Participações, teeters on the brink of bankruptcy. OGX missed $45 million in interest payments to bondholders and is risking the biggest corporate default in Latin American history.
Reuters | Forbes
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Most U.S. CFOs rate their finance teams' compliance skills as good or excellent
Journal of Accountancy
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U.S. government shutdown stops many IRS services
Journal of Accountancy
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Asia
How to do as the Chinese when you're in China
U.S. companies' increasing reliance on China's economy is exposing more CPAs to a business culture that may be unfamiliar and challenging. Find out what four experts suggest CPAs need to know about China.
Journal of Accountancy
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Hong Kong launches overhaul of corporate insolvency law
The Hong Kong government plans to review its corporate insolvency framework and to look for gaps and inconsistencies in the existing law, which is largely based on the U.K.'s Companies Acts of 1929 and 1948.
GAA Accounting
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India's banking system sees restructured loans defaulting at record rate
Bloomberg
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Japan takes step to reduce runaway government debt
Reuters
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Australia/Oceania
New Zealand accountants courted by two Australian accounting organizations
Accountants in New Zealand who oppose the proposed merger of the New Zealand Institute of Chartered Accountants with the Institute of Chartered Accountants in Australia are being approached to join CPA Australia, an organization that represents about 144,000 accounting professionals from 127 countries.
New Zealand Herald
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Europe
UK investors think "prudence" will improve international accounting
Three years after a reference to "prudence" was stricken from International Accounting Standards Board rules, which are mandatory in U.K. and the EU, U.K. investors want the reference reinserted to ensure accountants err on the side of caution when dealing with something not covered by a specific IASB rule.
Reuters
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Greece expected to need a third aid package from bailout fund
Der Spiegel
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AICPA News
What auditors need to know about conflict minerals
The Oct. 9 webcast "Conflict Minerals: What IPSA Auditors Need to Know" will provide guidance for CPAs performing independent private sector audits (IPSAs) of conflict minerals reports. Members of the Auditing Standards Board Conflict Minerals Task Force share their insights into what auditors need to know to perform an effective, cost-efficient IPSA.
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Global CPA Report
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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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