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December 19, 2012

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Senior managers' pay booms in emerging markets
In the past decade, multinational companies have dramatically increased salaries for senior managers in markets such as China, Turkey and Indonesia, so much so that in some emerging countries, senior-management pay equals that in developed countries. CGMA Magazine (12/13)

What to know before calling police to investigate internal fraud
It's crucial to work through key considerations regarding involving police in an investigation of internal fraud. CAmagazine (Canada) (12/2012)

Africa

Nigerian microfinance banks risk sanctions for not adopting IFRS
Microfinance banks in Nigeria that do not move to International Financial Reporting Standards next year could be closed by the Corporate Affairs Commission. The commission is discussing how it would sanction banks that do not use IFRS. BusinessDay (Nigeria) (12/14)

Americas

U.S. accounting firms see revenue, partner compensation rise
The 2012 National Management of the Accounting Practice survey found that U.S. accounting firms are slowly regaining ground after the Great Recession. Partner compensation posted healthy gains in the past two years, and nearly two-thirds of firms polled reported year-over-year growth in client fees. Journal of Accountancy (12/2012)

How U.S. trust and estate fiduciaries can get distributions to foreign beneficiaries right
As society becomes more mobile, small U.S. firms are finding that they have to deal with international tax issues. One common, complex issue is withholding and reporting requirements for U.S. trusts or estates that distribute to foreign beneficiaries. Lawrence McNamara, CPA, explains procedures and tax-compliance issues that fiduciaries face in this situation. The Tax Adviser (12/2012)

Brazil's central bank will streamline data requirements
The Brazilian central bank plans to eliminate requirements for information not useful in supervising the banking industry, President Alexandre Tombini says. "We intend to end the presentation of information that has become redundant and does not contribute to the oversight of the sector," he said. Reuters (12/13)

Other News

Stakeholders tell FASB how to stem footnote-disclosure overload
JournalofAccountancy.com (12/12)

How to trace conflict minerals in the supply chain
JournalofAccountancy.com (12/12)

Asia

KPMG revenue climbs despite eurozone crisis
Strong demand for advisory and tax services and rapid growth in emerging markets increased KPMG International's revenue in fiscal 2012, which ended in September. However, growth slowed in the second half of the year. International Accounting Bulletin (12/13), Accountancy Age (London) (tiered subscription model) (12/13)

Cash inflow creates problems across Asia
The flow of foreign money into Asia's fastest-growing economies is accelerating, bringing with it challenges. Property prices are rising across much of the region. Currencies have strengthened in South Korea, the Philippines, Thailand, Taiwan and Malaysia. The New York Times (tiered subscription model) (12/17)

Europe

Demand for revenue accountant surges in 2012
The revenue accountant was the most popular finance job this year, with demand increasing 55%, according to the 2013 Michael Page Finance Salary Survey. The commercial finance analyst followed, with demand up 40% compared with 2011. Accountancy Age (London) (tiered subscription model) (12/14)

PUMA's "natural capital" accounting gains expert support
PUMA's accounting methodology for environmental profit and loss received approval from independent experts gathered by parent PPR to vet the approach. Two challenges, standardization and participation, must be addressed if "natural capital" accounting is to gain momentum. "The E P&L as an approach is unlikely to be used by more companies unless a more accessible methodology is developed," according to a report. The Guardian (London)/The Sustainable Business Blog (12/14)

Other News

European transaction tax moves through legislative process
Europa.eu (European Union) (12/10)

U.K. corporate-tax rate will drop to 21% in April 2014
The Guardian (London) (12/5)

Greece aims to tax capital gains from stock trading
Reuters (12/14)

Middle East

Oman moves to diversify economy
Oman is pushing to give the private sector a bigger role in the economy to lessen its dependence on oil. The country recently unveiled a plan to build a large petrochemical complex in Duqm, and it is also investing heavily in transportation infrastructure. Reuters (12/14)

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The American Institute of Certified Public Accountants is the world's largest association representing the accounting profession, with nearly 386,000 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. The AICPA sets ethical standards for the profession and U.S. auditing standards for audits of private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination and offers specialty credentials for CPAs who concentrate on personal financial planning, fraud and forensics, business valuation and information technology. Through a joint venture with the Chartered Institute of Management Accountants, it has established the Chartered Global Management Accountant designation to elevate management accounting globally.


	Recent Global CPA Report Issues: Wednesday, December 12, 2012 Wednesday, December 05, 2012 Wednesday, November 28, 2012 Wednesday, November 21, 2012 Wednesday, November 14, 2012			Lead Editor: Tom Anderson Mailing Address: SmartBrief, Inc.®, 555 11th ST NW, Suite 600, Washington, DC 20004