| October 24, 2012 |  |
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| Top Stories
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- Lawmaker: Audit market to change despite U.K. agency delay
The EU will continue to work on a draft law that will introduce sweeping changes to the audit market despite the delay of the U.K. Competition Commission's investigation into the audit market, says Sajjad Karim, a senior EU lawmaker. There is still no consensus on whether companies should be forced to rotate auditors or have two auditors to give smaller accountancy firms a boost. A final draft is expected in early 2013. Reuters
(10/18), Accountancy Age (London)
(10/19)     
| Africa
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- Africa's growth path attracts global investors
Investors are turning to Africa in their search for growth opportunities, writes Chrystia Freeland. Unlike other world markets, such as the U.S., China and Europe, Africa is seeing accelerating growth that is expected to continue for decades. Reuters
(10/18)
| Americas
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- Avoiding excess distribution tax under PFIC rules
U.S. taxpayers who invest in offshore mutual funds or certain other passive foreign investments without understanding the tax consequences may learn only years later that those investments are subject to the onerous tax rules for investments in passive foreign investment companies (PFICs). The Tax Adviser
(10/2012)
| Asia
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- Why efficiency is becoming top of mind in China
China's slowing productivity growth is weighing down economic growth in the world's second-largest economy. Political leaders are addressing the problem in the current five-year state economic plan, and the policy changes are affecting how companies will do business in China. CGMA Magazine
(10/16)
| Australia
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| Europe
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- Calls for international tax reform in the U.K. grow
Pressure is rising for the U.K. government to reform its international tax rules. There have been a number of controversies over the low levels of taxes paid by U.S. companies. As U.S. companies shift profits out of the U.K., British companies pay a higher tax rate, critics say. The Guardian (London)
(10/16)
- Geneva considers cutting tax rate to 13%
The canton of Geneva is considering cutting its corporate tax rate to 13% from 24.2% by 2017. The canton's government would expect the Swiss federal government to help compensate for lost revenues. Bloomberg
(10/12)
| AICPA News
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- Real world ethical dilemmas
As the number of financial restatements has grown, and questions about management integrity have shaken investor confidence, the roles of financial managers and accountants have taken on more importance and greater risk. The book "Business Ethics: Real World Case Studies" guides you through a series of compelling case studies drawn from actual court cases and disciplinary hearings that illustrate real-world ethical quandaries and the application of values consistent with the high standards of the profession.
| SmartQuote
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 | Now and then it's good to pause in our pursuit of happiness and just be happy."
--Guillaume Apollinaire,
French writer, poet and critic
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| About AICPA |
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
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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.
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- Wednesday, September 19, 2012
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