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).

Finance and Accounting Outsourcing to Grow 15-20% [AT]
The finance and accounting outsourcing market is expected to grow 15 to 20 percent this year and top $4 billion in annual contract value. A new report by the Everest Group found that annual contract value for multi-process finance and accounting outsourcing grew almost 15 percent last year and 10 percent in 2009. The total contract values of new engagements reached a market high last year of nearly $5 billion, according to the study by the research and advisory firm.

Fair Value, Comprehensive Income Rules Due Q2 [Compliance Week]
The Financial Accounting Standards Board will soon issue final standards on fair value measurement and the statement of comprehensive income, with delivery expected early in the second quarter, said Chairman Leslie Seidman. The fair value measurement standard produces more significant change for International Financial Reporting Standards than for U.S. Generally Accepted Accounting Principles, said Seidman. The United States made a significant overhaul in fair value measurement when it issued Financial Accounting Statement No. 157 Fair Value Measurement in 2006. The new standard will not require any new uses of fair value but it produces some clarity and consistency in how it is measured across U.S. and international rules.

Judge Rakoff Indicts No-Fault Securities Settlement Syndrome [Forbes]
He doesn’t much care for the SEC allowing violators to pay a fine and simply “neither admit or deny the charges.”

Thank God, CPA Exam Scores are Finally on Their Way [JDA]
Some interesting Google searches led to Adrienne’s website.

Howard Stern’s Agent Sues Sirius XM Radio Over Stock [WSJ]
In a lawsuit filed in New York State Supreme Court, Mr. Stern’s production company, One Twelve Inc., and his agent Don Buchwald, alleged that Mr. Stern enabled Sirius to surpass its internal subscriber targets by more than 2 million subscribers every year since he went on air since 2006.

Man charged with killing wife after IRS visit [Boston Herald]
A man was charged with murdering his wife in Webster, an attack that apparently happened less than an hour after two Internal Revenue Service agents arrived to seize the family’s vehicle for nonpayment of taxes, authorities said.