Largely unnoticed as Europe and the U.S. struggle with financial problems, Japan's debt has expanded to monumental proportions that might be impossible to sustain. Economists have started to warn that Japan could become the next Greece. Japanese debt amounts to 230% of gross domestic product, compared with 165% for Greece.
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.
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.