International

Practice

Will Outsourcing Overseas Cut You Some Slack?

Do you think you're the only one in your office who can complete tax returns "the right way?" If so, outsourcing some of your tax work to India or some other foreign location isn't for you.
Education & Careers

AICPA Website to Assist International Students

The AICPA has recently expanded its ThisWaytoCPA.com website to help international students understand the process of registering for the CPA exam and becoming a US CPA while living overseas.
A&A

ACCA/IMA Survey Reveals Global Confidence on the Rise

Confidence in the global economy recovered substantially in early 2012, regaining some of the optimism lost over the last year, according to the Q1 2012 ACCA/IMA Global Economic Conditions Survey, the largest global study of professional accountants.
Community News

CGMA Global Economic Forecast Shows Cautious Optimism for Year Ahead

The world's CEOs, CFOs, and other senior management accountants have a cautious yet increasingly positive outlook for the global economy over the next twelve months, according to the first Chartered Global Management Accountant (CGMA) Global Economic Forecast released March 29, 2012.
Community News

Accountants for Social Good Continues to Change Lives

Established less than a year ago, Accountants for Social Good (ASG) has come a long way from its humble roots of only two members. ASG has consistently seen growth in membership and in the amount of social good it does for entrepreneurs worldwide through loans.
A&A

Global Trade Drying Up, Says Economic Survey of Finance Professionals

Finance professionals believe there will be a renewed global economic downturn in 2012, as the largest-ever quarterly survey of professional accountants shows that international trade continued to dry up at the end of last year.
A&A

IRS Casts Bait to Reel in Taxpayers with Offshore Accounts

The IRS has reopened its Offshore Voluntary Disclosure Program (OVDP). Similar programs were initiated in 2011 and 2009, from which the IRS has collected more than $4.4 billion. The OVDP is aimed at encouraging taxpayers who have stashed assets offshore to declare their outstanding tax liabilities.

IASB Chairman Expects SEC to Approve IFRS

Speaking at a seminar in Moscow on IFRS, Hans Hoogervorst, Chairman of the IASB, said that he expected the IASB and the FASB to make progress on their remaining convergence projects in the coming year. Hoogervorst also predicted that the SEC would eventually approve IFRS for US companies.
Community News

ASG Vaults to Ninth Spot of All-Time Lenders on Kiva Site

The Kiva lending team, Accountants for Social Good (ASG), moved into the ninth spot of all-time lenders. Since its inception in May 2011, the team has seen explosive growth, both in the number of team members (eighty) and in the total amount of capital the team has loaned to the developing world ($70,500).
Tax

IRS Commissioner Talks about International Tax Cheats

On December 15, before an audience at the IRS/George Washington University Twenty-Fourth Annual Institute on Current Issues in International Taxation, IRS Commissioner, Douglas Shulman, talked about tax cheats in the international arena and how the IRS is "turning up the pressure."
Community News

Loans that change lives

Accountants for Social Good (ASG) is a new charitable group created to unite accountants, CPAs, and other financial professionals to help those in need.
Tax

California tax amnesty program opens August 1

Taxpayers who have underreported their California income tax liabilities through the use of abusive tax avoidance transactions or offshore financial arrangements will be permitted to obtain a waiver of most penalties under an amnesty program beginning in August.
Tax

Taxpayers must report certain foreign bank and financial accounts to Treasury by June 30

All taxpayers with foreign bank or other financial accounts, or with signature authority over such accounts, may be required to submit an FBAR form by June 30.
Tax

IRS extends FBAR filing deadline for certain individuals

The Internal Revenue Service and the Financial Crimes Enforcement Network (FinCEN) have announced that a small subset of individuals with only signature authority required to file the Report of Foreign Bank and Financial Accounts (FBARs) will receive a one-year extension beyond the upcoming filing date of June 30, 2011.
Tax

Survey results: Heightened call for transparency is biggest challenge for multinationals

A majority of multinational company tax executives predict that a broadened international regulatory focus on increased transparency will be the most significant change their company can expect in international taxation over the next year.
Education & Careers

Globalsym: International accounting students lock business horns in this fierce competition

It's not often you find a heated contest between Texans and… the Irish. No, it's not sports, dancing celebrities, a weight-loss challenge, or politics. This competition involves bean counting and business know-how.
Tax

IRS recognizes Japan disasters but warns taxpayers about non-deductibility of contributions

The Internal Revenue Service has issued guidance that designates the earthquake and tsunami in Japan in March, 2011 as a qualified disaster for federal tax purposes.
A&A

IFRS 1: First-time adoption of IFRS

The objective of IFRS 1 is to make sure that a reporting entity who adopts IFRS as its financial reporting basis prepares financial statements that are transparent for users and comparable over all the periods presented; provides a suitable starting point for reporting under IFRS; and can be generated at a cost that does not exceed benefits to users.
A&A

IFRS 2: Share-Based Payment

The objective of IFRS 2 is to outline the reporting requirements that an entity who undertakes a share-based payment transaction should make in their financial statements. It outlines the requirements an entity is to reflect in its profit and loss account (statement of comprehensive income) and balance sheet (statement of financial position) the effects of share-based payments.
A&A

IFRS 4: Insurance Contracts

The objective of this IFRS is to deal with the financial reporting for insurance contracts by an entity that issues insurance contracts. An insurance contract is defined as a contract under which one party (the insurer) accepts significant insurance risk from another party (i.e. the policyholder) by agreeing to compensate the policyholder if a specific uncertain future event (the insured event) adversely affects the policyholder.

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