Global CPA Report Nov.‌ 13, 2013

Top Stories
How technology is about to reshape the accounting profession
Cloud computing, large data sets, and advanced analytical tools will increasingly shape the accounting profession, according to a study by accounting software company Intuit. The shift in technology raises the possibility that in the next 10 years practitioners will become “accountants in clients’ pockets.”
AccountingWEB
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The 50 most innovative companies and what sets them apart
Apple topped the Boston Consulting Group’s global list again, but some shuffling occurred and a few surprises popped up in the top 20. Find out about the five attributes BCG identified that distinguish strong innovators from less successful ones.
CGMA Magazine
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Why central banks need to heed "natural" interest rates
“Natural” interest rates are determined by the return on capital and follow longer-term factors than those that govern the financial interest rates that borrowers pay. Central banks that tweak rates monthly should keep the difference in mind.
The Economist
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Africa
How business intelligence can reduce logistics costs
Fleet management technology can sharply reduce logistics costs for businesses that depend on vehicles, such as freight, car rental, and construction companies, a South African consultant suggests.
Accountancy SA
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Americas
Historic revenue recognition standard nears completion
The U.S. Financial Accounting Standards Board expects to receive in December a revenue recognition standard for final approval. FASB members indicated by a 51 margin that they will vote in favor of the standard. The International Accounting Standards Board is scheduled to vote later this month on whether to proceed with a ballot for the standard, which is expected to be issued during the first quarter of 2014.
Journal of Accountancy
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Five payment and expense areas most prone to employee fraud
To get a better handle on employee fraud, which according to a 2012 study can cost companies more than $1 million each, CFOs should track five payment and expense areas where employee fraud is most likely. Also, read about how companies can prevent computer fraud.
CFO Magazine | AICPA Insights
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Easing lending standards hasn't boosted business demand for credit
Demand for commercial and industrial loans in the U.S. has not increased in the three months since lenders have made it easier for businesses to borrow money, according to a Federal Reserve survey of senior loan officers at 73 big U.S. banks and 22 U.S. branches of foreign banks.
Chicago Tribune
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IRS to seek help with auditing small businesses
CFO Magazine
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IRS extends fast-track settlement to smaller businesses
Journal of Accountancy
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Proposed legislation would expand tax breaks for startups
The Hill/On The Money blog
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Bank of Mexico expects Mexican GDP to drop a full point
Market News International
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Asia
China limits commercial lending to fight overcapacity
China’s banking regulator prohibited the Chinese banking sector from lending to companies in five sectors plagued with overcapacity: steel, flat glass, cement, electrolytic aluminum, and shipbuilding. Commercial banks have already become cautious about lending to businesses in energy-consuming and polluting industries and those with excess capacity.
Global Times | China Daily | CCTV International
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India plans to start implementing IFRS in 2015
India’s Ministry of Corporate Affairs plans to start implementing International Financial Reporting Standards in April 2015. The planned implementation is four years behind schedule and is expected to meet with resistance.
The Indian Express | The Hindu Business Line
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Concerns about Asian corporate debts are rising
Financial Times
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Australia/Oceania
What to expect from the first international integrated reporting framework
Paul Druckman, chief executive of the International Integrated Reporting Council, says integrated reporting is poised to transition next year from the development phase to implementation. The IIRC will publish its framework in December.
InTheBlack
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Europe
Russia ponders criminalizing tax avoidance
Russia’s main federal investigating authority has proposed tax code amendments targeting transactions corporations make solely to reduce profits and tax obligations.
The Moscow Times
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Financial Reporting Council seeks improved risk management in the UK
Changes to the U.K. Corporate Governance Code proposed by the Financial Reporting Council are intended to improve risk management by boards of listed companies and ensure that better information is provided to investors.
CGMA Magazine
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S&P cuts France's credit rating
Bloomberg
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AICPA News
What CPAs need to know about business solution implementation
The Nov. 22 webcast “What CPAs Need to Know About Business Solution Implementation” is based on a white paper developed by the Information Management and Technology Assurance Division—Business Solution Implementations Task Force and will communicate the value a CPA can provide to a business system solution implementation process, either for a client or for the CPA’s organization.
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Global CPA Report
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AICPA
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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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