Global CPA Report Dec.‌ 18, 2013

Top Stories
Corruption remains a serious problem in the BRICS
Emerging markets promise rising consumer demand, but many also harbor serious corruption risks. Find out which countries are perceived to be the least corrupt.
CGMA Magazine
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Five tips for successful revenue recognition implementation
Historic changes that will affect revenue recognition for virtually every company that uses U.S. GAAP or IFRS are on the verge of being put into place by the U.S. Financial Accounting Standards Board and the International Accounting Standards Board. Learn where to focus initial implementation efforts.
Journal of Accountancy
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10 ways to rekindle your creative flame
When you’re stuck in a creative slump, here are 10 strategies to get inspired again.
Entrepreneur
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Americas
Tax authorities scrutinizing intercompany service charges
The IRS and tax authorities in other countries are taking a closer look at whether U.S. headquarters of multinationals are bearing too much of selling, general, and administrative costs when the intercompany services behind the costs benefit global affiliates.
CFO Magazine
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CAQ suggests streamlining proposed auditor reporting duties
The Center for Audit Quality is urging the U.S. Public Company Accounting Oversight Board to streamline a proposed process for auditors to provide investors more information on the audit.
Journal of Accountancy
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SEC takes closer look at management's oversight of internal controls
Brian Croteau, deputy chief accountant at the U.S. Securities and Exchange Commission, suggested that financial reports do not properly identify material weaknesses, because management doesn’t properly evaluate internal controls.
Compliance Week/Accounting & Auditing blog
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US considers economic sanctions against Ukraine
EuroNews
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Asia
Currency speculation may be part of China's trade surplus high
China’s trade surplus reached a four-year record in November, but economic experts worry that speculative funds chasing the renminbi appreciation, also known as “hot money,” were disguised as trade payments.
China Daily
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Taxes to rise for Japan's high-income earners
The administration of Japanese Prime Minister Shinzo Abe and its coalition partner are working on a tax increase that would affect nearly 2 million corporate employees earning more than JPY 10 million (about $100,000) per year.
Japan Times
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Indian anti-graft party marks strong election debut
FCPABlog
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Chinese banks barred from handling Bitcoin transactions
China Daily
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Australia/Oceania
Why accountants should look beyond numbers
Two Australian accountants examine why context is important in interpreting numbers. One reason not to take numbers at face value: 88% of spreadsheets contain errors, according to one study.
InTheBlack
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Europe
EU takes key step toward banking union
Europe has come closer to an EU-wide banking union now that European Union finance ministers compromised on how EU countries would hand over authority to a single bank resolution authority and accompanying fund.
The Irish Times | Financial Times | Bloomberg Businessweek
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Facebook limits Irish tax bill with complex scheme
Financial filings suggest that two Irish companies, which are owned by Facebook and controlled by a subsidiary based in the Cayman Islands, were able to limit their 2012 Irish corporate tax bill to €1.9 million on €1.79 billion in annual revenue with a tax avoidance scheme that has come under scrutiny by the G-20 and the Organisation for Economic Co-operation and Development.
Financial Times
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France fights for Paris' future as a financial hub
Paris has lost ground as a financial hub to London and Frankfurt, and the NYSE Euronext, which owns a stock exchange in Paris,  may be up for grabs. To fight for the future of the Paris Bourse, French money managers are looking to interest Chinese investors in stocks, bonds, and asset management.
The Economist
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UK to crack down on employers falsely reporting employees' status
Tax-News
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Top Romanian politicians and lawyers exempt from anti-corruption law enforcement
EUObserver
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Head of Italian tax authority criticizes rampant tax evasion
ANSA
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AICPA News
CPAs need to get ready for Bitcoin
Four years ago, the virtual currency Bitcoin emerged, and the accounting profession needs to watch how it develops going forward, writes AICPA President and CEO Barry Melancon, CPA, CGMA, in the AICPA Insights blog post “Alternative Currency Could Change Financial Landscape.” CPAs must grapple with how to appropriately value a Bitcoin and whether it is even an asset.
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Comprehensive professional ethics course
The revised interactive multimedia CD-ROM course Professional Ethics: AICPA’s Comprehensive Course teaches you and your staff the AICPA, SEC, and Government Accountability Office independence rules, including those adopted under the Sarbanes-Oxley Act, through interactive case studies, exercises, and illustrative graphics.
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AICPA Resources
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Global CPA Report
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AICPA
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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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