Accounting News Roundup: GOP Tax Writers Spurn Google; CFOs Bail with Looming Restatements; Free Accounting Software | 03.24.11

China ‘to overtake US and dominate trade by 2013’ [BBC]
China’s global trade is set to surge past the US’ by 2030, according to a report by PricewaterhouseCoopers (PwC). Currently, China’s international trade is worth $2.21 trillion (£1.36tn), compared with the $2.66tn (£1.64tn) for the US. China was confirmed as the world’s second-biggest economy earlier this year, overtaking Japan. According to the report by PwC, the coming years will see global trade undergo “fundamental change” as emerging economies such as China and India begin to “dominate the top sea and air freight routes”.

Republican Tax Chiefs Cool to Cisco, Google Offshore Tax Plan [Bloomberg]
The top Republican tax writers in the U.S. Congress aren’t endorsing a call by Cisco Systems Inc. (CSCO), Google Inc. (GOOG) and other multinational corporations for a temporary tax break on repatriating profits held offshore. Representative Dave Camp, the chairman of the House Ways and Means Committee, and Senator Orrin Hatch, the top Republican on the Finance Committee, said through aides yesterday that they want to consider the repatriation issue as part of a comprehensive look at rewriting the U.S. tax code.

Skype names new chief financial officer [Reuters]
Internet telephone service Skype said it named Jonathan Chadwick, a former McAfee financial executive, as its chief financial officer. Chadwick replaces Adrian Dillon as CFO. Dillon has left the company, Skype said in a statement.

Big Four clause under the spotlight [Accountancy Age]
Restrictive bank clauses that force businesses to use one of the Big Four auditors are finally coming under public scrutiny. Smaller auditors have widely complained about the restrictive rules, but until now there has debate as to whether they even exist. The Office of Far [sic] trading has been ordered to investigate whether the clauses – typically found in banks’ lending agreements – are stifling competition in the market.

CFOs Exit Restating Companies, Study Finds [CFO]
Restatements of financial reports usually convey bad news about a company to the stock market, and CFOs, as chief stewards of financial reports, tend to like nothing less than bearing such tidings. In fact, when companies restate, their finance chiefs show a pronounced tendency to leave, new research confirms. Usually, however, it’s their own decision to walk — or at least that’s what the companies are reporting.

Three Key Steps for Managing Young CPAs [JofA]
Unless, of course, you’ve already got things completely under control.

The Best Free Small Business Accounting Software [PC Mag]
Free is good.

Ja Rule Pleads Guilty to Tax Charges [AT]
Rap singer Ja Rule has admitted to failing to file tax returns for five years, causing a loss to the government of over $1.1 million.

Divorce Over 50: 3 Mistakes to Avoid [SmartMoney]
Forward it to your boss (or bookmark it for yourself).

China ‘to overtake US and dominate trade by 2013’ [BBC]
China’s global trade is set to surge past the US’ by 2030, according to a report by PricewaterhouseCoopers (PwC). Currently, China’s international trade is worth $2.21 trillion (£1.36tn), compared with the $2.66tn (£1.64tn) for the US. China was confirmed as the world’s second-biggest economy earlier this year, overtaking Japan. According to the report by PwC, the coming years will see global trade undergo “fundamental change” as emerging economies such as China and India begin to “dominate the top sea and air freight routes”.

Republican Tax Chiefs Cool to Cisco, Google Offshore Tax Plan [Bloomberg]
The top Republican tax writers in the U.S. Congress aren’t endorsing a call by Cisco Systems Inc. (CSCO), Google Inc. (GOOG) and other multinational corporations for a temporary tax break on repatriating profits held offshore. Representative Dave Camp, the chairman of the House Ways and Means Committee, and Senator Orrin Hatch, the top Republican on the Finance Committee, said through aides yesterday that they want to consider the repatriation issue as part of a comprehensive look at rewriting the U.S. tax code.

Skype names new chief financial officer [Reuters]
Internet telephone service Skype said it named Jonathan Chadwick, a former McAfee financial executive, as its chief financial officer. Chadwick replaces Adrian Dillon as CFO. Dillon has left the company, Skype said in a statement.

Big Four clause under the spotlight [Accountancy Age]
Restrictive bank clauses that force businesses to use one of the Big Four auditors are finally coming under public scrutiny. Smaller auditors have widely complained about the restrictive rules, but until now there has debate as to whether they even exist. The Office of Far [sic] trading has been ordered to investigate whether the clauses – typically found in banks’ lending agreements – are stifling competition in the market.

CFOs Exit Restating Companies, Study Finds [CFO]
Restatements of financial reports usually convey bad news about a company to the stock market, and CFOs, as chief stewards of financial reports, tend to like nothing less than bearing such tidings. In fact, when companies restate, their finance chiefs show a pronounced tendency to leave, new research confirms. Usually, however, it’s their own decision to walk — or at least that’s what the companies are reporting.

Three Key Steps for Managing Young CPAs [JofA]
Unless, of course, you’ve already got things completely under control.

The Best Free Small Business Accounting Software [PC Mag]
Free is good.

Ja Rule Pleads Guilty to Tax Charges [AT]
Rap singer Ja Rule has admitted to failing to file tax returns for five years, causing a loss to the government of over $1.1 million.

Divorce Over 50: 3 Mistakes to Avoid [SmartMoney]
Forward it to your boss (or bookmark it for yourself).

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