Global CPA Report Oct.‌ 16, 2013

Top Stories
Outlook 2013's best new features
Microsoft has made significant, but sometimes subtle, changes to upgrade its signature office email product. Find out about Outlook 2013's lean new look, new display of commonly used shortcuts, new "peek" windows, and message filters.
CPA Insider (10/7)
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Win office power plays by knowing the players
Jack Godwin, author of The Office Politics Handbook, identifies eight prepackaged roles co-workers take on in the office. Learn to recognize the patterns and use them to your advantage in office power plays.
TLNT.com (10/4)
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OECD examines requirements for country-by-country tax reporting
The Organisation for Economic Co-operation and Development has issued a memorandum examining what would need to be put in place if multinational corporations were required to report income, tax, and economic activity on a country-by-country basis.
CGMA Magazine (10/9)
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Africa
Why settling a tax dispute may be a good idea
In South Africa, taking a tax dispute to court and getting a favorable ruling from a judge may turn out to be worse than negotiating a bad settlement, says a member of the South African tax court, who bases his argument on two court cases.
Accountancy SA (10/2013)
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Americas
Janet Yellen's nomination breaks new ground
Janet Yellen would be the first woman, and the first monetary dove, to head the U.S. Federal Reserve, if the U.S. Senate confirms her nomination. By picking Yellen, who worries more about unemployment than inflation, President Barack Obama acknowledged that the world and the Fed's priorities have changed.
The Economist/Free exchange blog (10/9) | Bloomberg (10/7)
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Top tax concern: Transfer pricing
Due to increased IRS audits, transfer pricing has become one of the riskiest areas for multinational corporations from compliance and tax planning perspectives. Find out what the issues are and how to address them.
Journal of Accountancy (10/2013)
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Why it's important for CPAs to document oral advice
Professional standards do not require CPAs to write down the oral advice they provide clients routinely, but real-life examples collected under the AICPA Professional Liability Insurance Program suggest that undocumented advice weakens the defense to a professional liability claim.
Journal of Accountancy (10/2013)
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U.S. Supreme Court rejects Argentina's appeal in sovereign debt dispute
Argentina's finance secretary vowed to continue the fight against bondholders after the U.S. Supreme Court refused to take the case. The bondholders, which scored a victory in a lower court, are insisting on getting paid in full for bonds Argentina restructured after defaulting on nearly $100 billion in debt in 2001.
Bloomberg (10/7) | Los Angeles Times (10/7) | Buenos Aires Herald (10/7)
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Internal auditors get modest raises in U.S., Canada
Journal of Accountancy (10/4)
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Brazil continues to battle inflation, raises interest rates a fifth time
Reuters (10/9)
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Asia
Privately owned bank plays key role in fueling India's economic emergence
Privately owned ICICI Bank, India's second largest bank by assets, grew along with India's aspirations in the past two decades by supporting the nation's largest companies. ICICI's CFO says the bank plans to continue its symbiotic relationships with the companies despite a deepening currency crisis.
FM Magazine (9/20)
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World Bank forecasts lower economic growth for China, developing East Asia
Reuters (10/7)
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Australia/Oceania
Australian tax office goes after Asia's richest man
Hong Kong's largest listed infrastructure company and an energy subsidiary generated hundreds of millions of dollars in profits from Australian investments and now owe AUD 776 million (about $730 million) in unpaid taxes and penalties, an Australian court has ruled. The companies are controlled by Li Ka-shing, Asia's richest man.
Reuters (10/2) | BusinessInsider (10/2)
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Europe
What PwC's chairman plans to do for the Big Four firm
Ian Powell started his second term as PwC's U.K. chairman amid hot debates in the United Kingdom about audit reform and tax avoidance. Find out what Powell plans to do to leave the Big Four firm in a stronger position by the time his term ends in 2016.
Economia (10/3)
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EU agrees to talks about details of mandatory audit firm rotation
European Union members agreed to talk with the European Parliament to work out details of a law that would require mandatory audit firm rotation every 15 to 20 years.
Reuters (10/4) | Economia (10/7)
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Italian finance police seize family villa of former secret Masonic lodge grand master
ANSA (10/10)
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AICPA News
Business basics of international taxation
The course "International Taxation Fundamentals: An Overview for Businesses" addresses the terminology and basic rules for multinationals and foreign companies doing business in the U.S. to help practitioners serve clients that require international tax compliance and to develop an awareness of scenarios that may require analysis or research into international tax or U.S. tax law as it relates to businesses that operate globally.
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Comments sought on financial statement proposals
The AICPA Accounting and Review Services Committee voted to expose three new standards that address judgment calls that go into compiling financial statements. The proposed standards would draw a line between preparing and reporting services. The exposure draft is expected to become available by the end of October and comments will be accepted through May 2, 2014.
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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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