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October 17, 2012

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Study: Talent imbalance worldwide will affect hiring decisions
A global talent imbalance will have a major impact on hiring practices in the coming decade, according to a study by Oxford Economics and Towers Watson. Many emerging markets will have a surplus of college-educated, skilled workers by 2021, while many developed economies will face a deficit. CGMA Magazine (10/10)

U.S. is vulnerable to "cyber-Pearl Harbor," Panetta says
Cyber-attacks on large American financial institutions and the world's largest oil producer prompted Defense Secretary Leon Panetta to say that the U.S. faces the threat of a "cyber-Pearl Harbor." Panetta warned that hackers from China, Russia, Iran or militant groups could disable financial networks, the government, transportation systems and the power grid. The New York Times (tiered subscription model) (10/11)

How to advance your finance career
So, you've landed your first accounting job. Or maybe you work in the profession and are looking to fast-track to leadership. There has never been a better time to start an accounting career, according to the AICPA and the Chartered Institute of Management Accountants. Here's how you can impress colleagues, managers and partners. CAmagazine (Canada) (10/2012), Financial Times (tiered subscription model) (10/11)

Africa

Black-owned accounting firms step up competition in South Africa
Black-owned accounting companies in South Africa are vying to take away market share from the Big Four auditors. Business Day (South Africa) (10/11)

Other News

Nigerian regulator urges insurers and reinsurers to comply with IFRS
The Guardian (Nigeria) (10/12)

Americas

U.S. group asks U.N. to delay finalizing transfer-pricing manual
The U.S. Council for International Business asked the U.N. Committee of Experts on International Cooperation in Tax Matters to hold off on finalizing a transfer-pricing manual for developing countries. The group asked that the committee allow public consultation. Transfer Pricing Week (10/11)

U.S. economy will remain in doldrums through 2014, experts say
The unemployment rate, at 7.8%, is not expected to decline further during the next several months, economists said in a Wall Street Journal survey. They also expect growth of gross domestic product to remain lower than 2% through the first half of 2013. The Wall Street Journal (10/12)

Other News

Goodwill impairment usually isn't a surprise to investors
JournalofAccountancy.com (10/9)

Some Argentine creditors are still seizing assets after 2001 default
The Economist (10/13)

Asia

China experiences slowdown in productivity growth
Productivity growth in China is slowing, averaging 2.8% per year, according to an Ernst & Young report. Inefficiency in the economy includes bureaucratic hurdles, regulatory uncertainty and subsidies to state-owned enterprises. CGMA Magazine (10/16)

China's loan-default risk is worse than believed, bank exec says
A Chinese banking executive said government data fail to recognize loan-default risk in the financial system. He said the nation must deal with its unregulated shadow-banking system and face up to dangers created by wealth-management products, which he said are essentially Ponzi schemes. The New York Times (tiered subscription model)/Reuters (10/12), China Daily (Beijing) (10/12)

Other News

Indian CFOs are less optimistic this year, survey shows
CGMA Magazine (10/16)

Australia

Growth companies led by women get support from U.S. investors
Springboard Enterprises is on the hunt for Australia's most promising female-led growth companies to join its global business-accelerator program. StartupSmart.com.au (Australia) (10/12)

Other News

Improvements to address consistency in auditor reporting
The Chartered Accountants Journal (New Zealand) (10/2012)

Europe

ECB defends program to buy government bonds
The European Central Bank is mounting a strong defense of its program to purchase sovereign bonds. The government-bond environment requires special measures, and "there will be no increase in the supply of base money and no change in the liquidity conditions," according to the ECB's monthly bulletin. The Wall Street Journal (10/11)

EU transaction tax would hurt end investors most, critics say
Critics say a proposed financial-transaction tax in Europe, agreed upon by 11 nations, would mainly harm the end investor. They also say there are ways around the levy, such as trading in alternative instruments, and that it could impede growth. The Trade News (U.K.) (10/11)

Other News

Unemployment in Greece climbs to a record 25.1%
Google/The Associated Press (10/12)

Middle East

Middle East posts strong M&A activity
Mergers and acquisitions in the Middle East reached $15.7 billion during the first nine months of 2012, more than double the amount during the same period last year, according to Thomson Reuters. Investment-banking fees totaled $402.2 million, a 23% increase compared with the first nine months of 2011. ArabianBusiness.com (United Arab Emirates) (10/12)

AICPA News

Inside buyouts and their tax implications
Buyouts by co-owners, employees or families can be an attractive option for business owners looking to sell, especially with a U.S. tax cliff looming. Building on "Plan now for inside buyouts," an article in the October issue of the Journal of Accountancy, "Inside Buyouts Basics and the Tax Cliff -- A Timely Combination," an audio webcast scheduled Oct. 30, will discuss buyout structures and their tax implications.

Q3 IFRS update
The third-quarter IFRS update is part of a video webcast series on International Financial Reporting Standards that offers practical sessions on what's important, including the latest efforts to converge IFRS and U.S. generally accepted accounting principles.

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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 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, October 10, 2012 Wednesday, October 03, 2012 Wednesday, September 26, 2012 Wednesday, September 19, 2012 Wednesday, September 12, 2012			Lead Editor: Tom Anderson Mailing Address: SmartBrief, Inc.®, 555 11th ST NW, Suite 600, Washington, DC 20004