Global CPA Report Nov.‌ 20, 2013

Top Stories
Getting more value from analytics
High-performing companies worldwide have a better handle on turning data into instant insight, an IBM survey of business and IT executives in 70 countries found. The survey found three key areas where those companies stood out.
CGMA Magazine
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Emerging markets assert more independence
Emerging economies are eager to form their own network of international business institutions. Credit ratings agencies in Portugal, India, South Africa, Malaysia, and Brazil formed a joint venture to launch an alternative to ratings agencies such as Moody’s. Brazil, Russia, India, China, and South Africa are considering establishing a BRICS development bank, and India is also interested in a BRICS reinsurance company, which could, for example, counter Western sanctions on Iran, a key oil supplier to India.
Reuters | The Economic Times
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What high performers need to work on
Employees with outstanding technical expertise, an aptitude for strategic thinking, and a record of strong results are a strategic resource employers like to tap for promotions. Find out what high performers should be working on to realize their potential.
The Glass Hammer | Harvard Business Review
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Africa
South African companies wary about new revenue recognition standards
A Grant Thornton survey suggested that South African businesses are better informed than their peers in Europe and many other emerging countries about the standards on revenue recognition soon to be released by the U.S. Financial Accounting Standards Board and the International Accounting Standards Board. The survey also suggested that a lot of South African businesses dislike the reporting changes.
Accountancy SA
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Americas
Six key actions to prepare for new revenue guidance
The converged revenue recognition standard isn’t projected to take effect for three more years, but some companies may want to capture data required by the new standard as early as the beginning of 2015. Deloitte experts suggested companies take six actions to prepare.
Journal of Accountancy
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Budgets and staffing for internal audit expected to rise
A recent survey details what’s on the horizon for internal audit in North America in terms of hiring, budgets, and strategic focus.
CGMA Magazine
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The pitfalls of assuming management responsibilities
Defending professional liability claims becomes tougher when practitioners take on activities considered to be the responsibility of management. Get a list of risk control considerations to help protect yourself and your firm.
Journal of Accountancy
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Mistake limits penalties IRS could have collected on erroneous tax returns
The Hill/On the Money blog
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US court orders parent of large tax franchiser to close
Journal of Accountancy
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US and France sign FATCA agreement
Journal of Accountancy
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Asia
Chinese leadership eyes market for economic reforms
China’s political leadership decided to explore economic reforms that could introduce more market-based policies, including allowing private investors to own 15% of state-owned enterprises. The economic reforms come as China struggles with slowed economic growth, rampant corruption, and a widening gap in pay.
New York Times | South China Morning Post | ChinaDaily
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Why Asia keeps a close eye on US monetary policy
Since 2008, emerging Asian economies have taken pains to insulate their financial systems against volatile external shocks, but they remain vulnerable to fallout expected from a reversal of the U.S. Federal Reserve’s expansionary monetary policy.
Economia
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Australia/Oceania
Six tips to do an annual report right
Companies that want to produce the kind of complete, well-balanced annual financial report that earned Australia’s largest independent oil and gas company the 2013 Report of the Year Award for Listed Companies at the Australasian Reporting Awards should follow six tips.
InTheBlack
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Construction activity in Australia expands for first time in three years
The Sydney Morning Herald
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Europe
EU recommendations challenge IASB authority
A report requested by Michel Barnier, EU commissioner for financial services, recommends strengthening the European Financial Reporting Advisory Group with the help of levies on listed companies and giving EFRAG more say in how rules set by the International Accounting Standards Board are applied in the EU. EFRAG’s views frequently differ from IASB’s positions.
Reuters
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Race is on to claim top Islamic finance hub
London is in a three-way race to retain its position as the hub where international firms issue Islamic bonds, also called sukuk. But Kuala Lumpur in Malaysia and Dubai in the United Arab Emirates are mounting challenges to London’s claim in the global Islamic finance sector, projected to be worth about $2 trillion next year.
Reuters | Recruiter
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Optimism soars among small UK manufacturers
Financial Times
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Postponed revaluation means big tax break for London's West End
BBC
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AICPA News
Ethical risks of emerging technologies
The Dec. 4 webcast, “Impact of Emerging Technologies on Ethics,” explores the AICPA’s ethics code as it relates to IT professionals with the help of specific IT scenarios. It will also incorporate concerns in fast-growing areas such as social media.
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AICPA Resources
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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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