International

CPA Firms Increasingly Offshoring Tax Preparation

Public accounting is the next wave of outsourcing to hit India shores, say analysts on both sides of the globe. Following the boom in high-tech engineering and legal outsourcing, “it is now the turn of taxmen to seek Indian firms’ help in preparing returns,” wrote Plaban Gupta of The India Express. 

Foreign Criminal Extraditions

We hear about criminal indictments stemming from accounting violations in our own country but do not hear about foreign extraditions from the U.S. or to the U.S. from other countries.

China Targets Outsourcing

The Chinese government has earmarked ten cities in the country for development as major outsourcing centers in a bid to capture a greater share of the technology work that Western multinationals have traditionally outsourced to India and other low-cost destinations.

Halifax to Boost Canada's Move to Int. Accounting Standards

Canada's move to international accounting standards is expected to get a big boost from an influx of international banking and financial services companies into Halifax, Nova Scotia. Peter Secord, an accounting professor at St.
Community News

BDO International Has Another Year of Double Digit Growth

“BDO has decidedly maintained its position as the uncontested number 5 in terms of world wide ranking of international accounting networks – despite a year that was not without its difficulties,” Frans Samyn, CEO of BDO International said in a prepared statement announcing year-end results for the BDO International network.
Community News

CGA-Canada Names 2006 CGA Fellowship Recipients

The Certified General Accountants Association of Canada (CGA-Canada) has granted 24 CGA Fellowship Awards. The highest honor granted by CGA-Canada, this award recognizes CGAs who provide exemplary service to the Association, the profession or the public.
Community News

KPMG Posts Revenue Growth

Big Four firm KPMG reported 2006 combined revenues of US$16.9 for the fiscal year ending September 30. The figure represents an increase of 7.6 percent in U.S.

IFAC Seeks Comments on Disclosure of External Assistance

The International Federation of Accountants (IFAC)has issued an exposure draft designed to strengthen the disclosure of financial information about external assistance, such as emergency assistance and development aid received by governments in other countries.Advertisement
Tax

Largest Accounting Firms See Coming Revolution in Business Reporting

As part of the Global Public Policy Symposium in Paris, held on November 8 and attended by key players concerned with ensuring the quality and reliability of financial reporting worldwide, the Chief Executive Officers (CEOs) of PricewaterhouseCoopers (PwC) International, Grant Thornton International, Deloitte, KPMG International and Ernst & Young, published a joint statement of their vision of what the future might hold for financial reporting and the accounting profession.
Community News

International Associations to Form Larger Alliance

Two major international accounting organizations, Mazars and Moores Rowland International, have agreed in principle to merge in 2007 as a larger, global association.Advertisement

Istanbul Hosts ‘Olympics’ for Accountants

The world’s accountants are gathered in Istanbul for the World Congress of Accountants (WCOA), known as the Olympics of Accountants, to discuss pressing challenges facing the profession worldwide, while looking ahead to the future.Advertisement

International Standard-Setters Work Toward Convergence

Two standard-setting bodies have recently made moves that may speed the integration of international and national accounting and auditing standards.Advertisement
Community News

Accounting Firms Advise On Corporate Deals Worth Billions

Accounting firms have probably always been involved in corporate deals but building a presence has taken time, according to Accountancy Age. The Toshiba deal for British Nuclear Fuels plc is currently the largest deal involving any accounting firm, at $5.4 billion. Mr. Atsutoshi Nishida said in Toshiba’s prepared statement, “It is with pride and pleasure that we will start to work with Westinghouse, a prominent industry leader, in the strategic growth area of nuclear power.
Tax

Standardized Income Trust Accounting Proposed

Although limited in clout, the Canadian Institute of Chartered Accountants (CICA) has proposed standard rules to make trust reporting more transparent, according to the Toronto Star. Income trusts have had been very popular, but intelligent comparison between trusts has been difficult, even for those carefully digesting financial reports and disclosures.

Senate May Reverse Closing of Iraq Auditor’s Office

The military authorization bill signed by President Bush in mid-October calls for the termination of the Office of the Special Inspector General for Iraq Reconstruction (SIGIR) by October 1, 2007. Susan Collins (R – Maine), chairwoman of the Senate Committee on Homeland Security and Government Affairs, says that provision was not in the conference version of the bill, the New York Times reports. In addition, some analysts say that the content of reports issued by the office, which were critical of weapons oversight by the U.S. military and accounting methods used by the U.S.
Tax

More Than $186 Billion in Cross-border Investment Taxes Are Recoverable

GlobeTax, the world's largest filer of withholding tax reclaims, has released the results of an aggregation survey showing $186 billion or more of withholding tax on cross-border investments income that is recoverable in 2006/07. Director of Marketing Ross McGill states, "Previous surveys probably gave a restricted view of the market, in our opinion, because they were derived from limited data sets. And so, while the results were interesting, they were of questionable value.
Community News

Asia-Pacific Business Forum Opens in Viet Nam

Ho Chi Minh City saw the opening of the Asia-Pacific Small and Medium-sized Enterprise (SME) Best Practice Forum last week. The Association of Chartered Certified Accountants (ACCA) is organizing the forum, according to VietNamNet Bridge. The Ho Chi Minh City People’s Committee reports that the two-day forum, “Promoting, supporting and investing in Asia-Pacific SMEs” is expecting some 500 attendees. This number includes 150 coming from other countries in the region, the ASEAN Federation of Accountants and The International Federation of Accountants (IFAC).
Tax

International Economic Center, the OECD, Takes Aim at U.S. Tax Policy

The Organisation for Economic Co-operation and Development (OECD), signalled a growing interest in international tax with the publication of a draft of guidelines on tests that investment managers in the UK need to meet before profits from offshore hedge funds can remain outside of the UK’s taxing authority, hedgeweek.com reports.
Technology

How Do You Spell That?

Is correct spelling important? You would think the spelling of words appearing on money would be more important than other uses, but this is not always the case. Reuters has reported that the central bank of Kazakhstan misspelled the word “bank” on their new 2,000 and 5,000-tenge bank notes and the bank wants to put these notes into circulation next month. The tenge is also known by the acronym KZT on world currency markets.
Technology

Microsoft Will Modify Vista to Comply with EU Antitrust Rules

Microsoft Corp. announced last week that it would launch its new operating system, Microsoft Vista, on schedule, worldwide. In order to do so, the company is yielding to pressure from the European Commission to make changes that would open the system to products manufactured by rivals. Last month the company had threatened to delay shipment to Europe rather than make the changes because it said the European Commission had not given it clear guidance on whether Vista would ultimately meet the requirements of European antitrust laws, The New York Times reports.

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