Global corporations are worried that the conflict between U.S. and Chinese audit authorities will have far-reaching ramifications. U.S. companies with operations in China may find it difficult to produce audited accounts if the Securities and Exchange Commission bans the Chinese affiliates of five of the world's biggest auditing firms from working on accounts of companies listed in the U.S.
Gender inequality will keep an estimated 865 million women out of the global economy this decade, with 94% of them living in emerging markets. Raising female employment to male levels would boost GDP growth in individual countries: 5% each in the U.S., the U.K. and China; 9% in Brazil; 10% in South Africa; 27% in India; and 34% in Egypt.
South Africa's Safari-1 reactor and Australia's Open Pool Australian Lightwater research reactor have begun a partnership to produce the medical isotope molybdenum-99 commercially using low-enriched uranium.
Finance chiefs would have new ethical considerations under proposed changes to a global ethics code for accountants. The International Ethics Standards Board for Accountants is proposing steps that management accountants should take if they suspect fraud. That includes how and when to disclose this information to management, the board or external sources.
The end of 2012 could mean the end of the current low-income and capital-gains tax rates and the reduction of the $5 million estate and gift tax exemption to $1 million, among many other scheduled tax changes. Now is the time for clients to be planning for 2013. Here's a handy checklist of tax issues clients should be thinking about now.