Secrets of Nonverbal Communication

Secrets of Nonverbal Communication
Your body language plays an important role in shaping how others judge you as a professional. Nonverbal signals such as dress, posture and hand gestures influence perceptions.


GLOBAL ECONOMY

Inside a Big Dumb Advertising Agency
Everyone is waiting for Omnicom, Interpublic, WPP, and Publicis to fade away. But these lumbering advertising behemoths still have a few surprises.

How German companies quietly took over the world
German management techniques don't get much love, but they've helped many German companies become global leaders in their sectors. Their secret recipe: Focus ruthlessly on a single small niche and expand slowly and systematically into new markets.

Google: Censorship is a threat to commerce
Search giant Google is urging Western governments to view online censorship as a barrier to free commerce.


FINANCE AND ACCOUNTING

Business Reporting through the Lens of a Mid-Sized Practitioner
The former president of the Brazilian Institute of Independent Auditors provides his views and recommendations on the importance of strong internal and external audit, particularly in smaller businesses.

Make Your Accounting Department More Efficient
In today’s world, accounting departments run lean. Asked to do more with less, accountants are being pushed to the max. Since adding staff is usually not an option, here are seven ways to lighten accounting’s workload.

How Corporate Governance Changed From 1986 to 2010
An annual study of corporate boards traces how practices and membership have evolved over the past 25 years.

COSO Will Update Internal Control Framework
PwC will be in charge of updating the framework, with an eye toward making it more relevant in an increasingly complex business environment.


MEXICO AND LATIN AMERICA

Mexican food now a world-class cuisine
Mexican cuisine is now considered an intangible cultural heritage of humanity, elevated along with French cuisine by UNESCO.

Brazil to achieve Millennium Goals by 2015
Brazil's President said that the country will achieve all the UN's Millennium Development Goals by 2015.

Chile mulls water pipeline for arid north
Chile is working on a $3.85 billion plan to pipe freshwater to its arid north as part of a government strategy to stimulate social and economic development in the region.

Chile, Peru, Colombia to merge their stock markets
The main securities exchanges in Chile, Colombia and Peru plan to create Latin America’s second-largest bourse by market value.


"The greatest danger for most of us is not that we aim too high and we miss it, but we aim too low and reach it."
Michelangelo Buonarroti, Italian Renaissance painter, sculptor, architect, poet and engineer.


OTHER TOPICS

Workspaces of the rich and famous
If you want to know what really drives the world's most creative people, take a look at their desks.


PROJECT PORTFOLIO

French company, leader in the beauty sector, with strong presence in 10 countries and sales of 500K EUR. Seeks investors or acquirers.

Investment opportunity in Chiapas, Mexico. Ranch and warehouse for sale. Located near Tapachula. Property deeds in order. Ideal for live stock or coffee business.

Mexican steel company at the final stage of liquidation process, looking for strategic investors that could benefit from significant tax losses.

Renewable energy company with strong distribution network in Mexico, annual sales of $7.5M USD, growing at annual 20% rate. Seeks investors or acquirers.

British consulting company interested in Latin America. Leader in training for financial companies and central banks. Offers franchise with high ROI potential.

Development of support programs for your internal and external audit needs in Mexico and Latin America.

(Contact armando@nuricumbo.com for further information)


KEY MEXICO STATISTICS
Nov-10 / Oct-10 / Sep-10

Exchange Rate: MXN to USD
12.5538 / 12.4498 / 12.8281

Exchange Rate: MXN to EUR
16.2275 / 17.1507 / 17.1936

Exchange Rate: MXN to CAD
12.1410 / 12.1252 / 12.2637

Country Risk (basis points)
141 / 128 / 161

Bolsa (IPC BMV)
36,817 / 35,568 / 33,332

Cetes 28d
4.51% / 4.51% / 4.36%

Inflation
4.02% / 3.70% / 3.68%

UDIs
4.498813 / 4.468266 / 4.443196

International Reserves (M USD)
110,544 / 109,477 / 108,030

(Source: Mexico Central Bank)

Mexico City: An Insider’s Guide

Mexico City: An Insider’s Guide
It wouldn't be surprising if Mexico City's bad press was being perpetuated by those who want to keep it to themselves. Because once you get over the high-altitude hangover, learn the city's do's and don'ts, and overcome fears of violence, you will discover one of the most dynamic, mysterious and beautifully chaotic places on the planet.


GLOBAL ECONOMY

Currencies that went to hell
They say you never forget your first million, but that might be easier if you're paid in Zimbabwean dollars. This gallery showcases absurdly high-denomination, but virtually worthless, banknotes from countries that suffered hyper-inflation.

Survey: Cash flow is the No. 1 worry for businesses
Nearly 70% of companies report that cash flow is their top business concern, according to a survey from TD Bank. Many attributed their worries to uncertainties about accounts receivable and sales, while just 5% blamed the economy.

Best Global Cities 2010
A.T. Kearney assembled a study of the world's top cities: While winners were predictable giants New York, London, Paris, Tokyo, and Hong Kong, the study also highlighted the importance of less obvious cities, such as Chicago, Seoul, Brussels, and San Francisco.


FINANCE AND ACCOUNTING

CPA is among top ten jobs in America
Certified Public Accountant took the ninth spot on Money magazine's list of Top 100 careers. The top five careers on the list are software architect, physician assistant, management consultant, physical therapist and environmental engineer.

European Union will propose overhaul of the audit industry
Michel Barnier, internal-market commissioner for the EU, said the financial crisis revealed failings within the auditing sector, and he noted that reform is necessary.

Interview with Joe Kaeser: Siemens CFO
The chief financial officer of Siemens AG explains how implementation of good corporate governance, financial reporting, and auditing practices got his global electrical and engineering company back on track.


MEXICO AND LATIN AMERICA

Something interesting about the Arizona Immigration Law
The state's new law could send hundreds of thousands of illegal immigrants to prison. An analysis of fund-raising documents, lobbying records and corporate reports shows that the private prison industry helped draft and pass the measure.

Mexico’s Maquiladora Syndrome
Mexico's boasts many top-tier manufacturing plants, thanks to the program that encouraged foreign companies to set up export-oriented factories. The result made many Mexicans rich, but led the country to neglect key areas such as R&D, strategic planning and innovation.

Media companies under fire in Latin America
Even as many Latin American democracies enjoy historic levels of press freedom, a pattern of creeping authoritarianism has surfaced, as governments seek to restrict freedom of expression, viewing media conglomerates as a threat to their populist agendas.


“The superior man is modest in his speech, but exceeds in his actions.”
Confucius, Chinese thinker and social philosopher


PROJECT PORTFOLIO

Investment opportunity in Chiapas, Mexico. Ranch and warehouse for sale. Located close to Tapachula. Property deeds in order. Ideal for live stock or coffee business.

British consulting company interested in Latin America. Leader in training for financial companies and central banks. Offers franchise with high ROI potential.

Mining company at the final stage of liquidation process, looking for strategic investors that could benefit from significant tax losses.

Renewable energy company with strong distribution network in Mexico, growing at annual 20% rate, seeking financial investors to strengthen balance sheet.

Development of anti-fraud programs. Audit of preventive and detective internal controls. Identify risks and take corrective actions.

(Contact armando@nuricumbo.com for further information)


KEY MEXICO STATISTICS
Oct-10 / Sep-10 / Aug-10

Exchange Rate: MXN to USD
12.4498 / 12.8281/ 12.7457

Exchange Rate: MXN to EUR
17.1507 / 17.1936 / 16.7386

Exchange Rate: MXN to CAD
12.1252 / 12.2637 / 12.3523

Country Risk (basis points)
128 / 161 / 158

Bolsa (IPC BMV)
35,568 / 33,332 / 31,680

Cetes 28d
4.51% / 4.36% / 4.58%

Inflation
3.70% / 3.68% / 3.64%

UDIs
4.468266 / 4.443196 / 4.427201

International Reserves (M USD)
109,477 / 108,030 / 106,286

(Source: Mexico Central Bank)

Tips for Building a More Creative Company

Tips for Building a More Creative Company
The lack of creativity at your office isn't due to 'not enough creative people,' but a company culture that resists change. This is what really impedes innovation.

GLOBAL ECONOMY

Beyond GDP: A new global comparison of standards of living
Two researchers from Stanford University propose a new measure of standards of living based on a simple thought experiment: if you were reborn as a random member of another country, how much could you expect to consume, in goods and leisure, over the course of your life?

The United States and Latin America: Nobody's backyard
Much has been done; but there is much still to do. Building on this success demands new thinking, both within Latin America and north of the Rio Grande.


FINANCE AND ACCOUNTING

Analyst foresees a surge for the Dow
The Dow Jones Industrial Average could rise more than 20% to 13,000 by June, says Ralph Acampora, a veteran technical analyst with Altaira Wealth Management. He based his prediction on signs that investor pessimism is high and that investors will have more capacity to buy stocks in the future.

US fearful of international disclosure rules on legal contingencies
Opposition is mounting to new accounting rules which would force US corporations to reveal potentially prejudicial information on class action lawsuits. The issue could become a significant obstacle as the US decides whether to adopt international accounting rules or not.

INTERNATIONAL FEDERATION OF ACCOUNTANTS (IFAC)

Business Reporting Through the Lens of the Investor
Televisa’s investor relations officer, Carlos Madrazo, provides his insights on governance, financial reporting, and auditing from a Latin American perspective.


MEXICO AND LATIN AMERICA

100 years of the National University of Mexico
One of the most distinguished learning institutions in Mexico and Latin America has reached 100 years of existence.

Opening our eyes to the real Mexico
If you asked people to give you the first words that come to mind when they hear "Mexico," I'm sure the results would not be pretty these days.


“Don't be afraid your life will end; be afraid that it will never begin."
Grace Hansen, American dance director

OTHER

Is Believing In God Evolutionarily Advantageous?
In the history of the world, every culture in every location at every point in time has developed some supernatural belief system. And believing in God may have been evolutionarily advantageous to humans as it provided a framework for promoting social good.

Guggenheim’s biennal of creative video
Selected from more than 23,000 videos from 91 countries, the Guggenheim's curators have announced the world's most creative videos on YouTube.


KEY MEXICO STATISTICS
Sep-10 / Aug-10 / Jul-10

Exchange Rate: MXN to USD
12.8281/ 12.7457 / 12.8279
Exchange Rate: MXN to EUR
17.1936 / 16.7386 / 16.4808
Exchange Rate: MXN to CAD
12.2637 / 12.3523 / 12.2724
Country Risk (basis points)
161 / 158 / 153
Bolsa (IPC BMV)
33,332 / 31,680 / 32,309
Cetes 28d
4.36% / 4.58% / 4.63%
Inflation (INPC, annual variation)
3.68% / 3.64% / 4.75%
UDIs
4.443196 / 4.427201 / 4.415633
International Reserves (Millions USD)
108,030 / 106,286 / 103,416
(Source: Mexico Central Bank)

U.S. Needs To Deal With Chavez

An avowed friend to Iran and other rogue states, Hugo Chavez is a reality that President Obama needs to deal with now.
http://www.forbes.com/2010/08/17/venezuela-helmerich-oil-intelligent-investing-chavez.html


GLOBAL ECONOMY

Threat of Japanese-style deflation looms for west
James Mackintosh, investment editor, on why Japan's 'lost decade' could yet become a reality for other economies.
http://video.ft.com/v/602715327001/Double-dip-risk-for-US-economy

U.S. homeownership slides toward the lowest rate in half a century
The rate of homeownership in the U.S. could fall to 62% by 2012, the lowest figure in 50 years, according to an industry estimate. The proportion of families owning their homes has been in steady decline since the housing bubble collapsed in 2006.
http://www.usatoday.com/money/economy/housing/2010-08-02-1Ahomeowners02_ST_N.htm?loc=interstitialskip

Afraid of Deflation? Try Some Medicine
It's been decades since the United States endured a long period of deflation. Even if it's only a short-term threat, market strategists see ways to hedge against its effects.
http://www.nytimes.com/2010/08/08/business/economy/08fund.html?nl=your-money&emc=your-moneyema3

Progress on OECD foreign bribery ban
Since Transparency International began monitoring the OECD ban on foreign bribery, countries enforcing it doubled from 8 to 16. This represents important progress. However, it is worrying that 20 countries still show little or no enforcement.
http://www.transparency.org/news_room/latest_news/press_releases/2010/2010_07_28_oecd_progress_report


FINANCE AND ACCOUNTING

Canadian firms prepare to shift to IFRS
Canadian companies offer a preview of what it's like to switch to international accounting standards as their January 1, 2011, adoption deadline nears.
http://www.cfo.com/article.cfm/14519278/

New AICPA commission aims to start discussion about accounting's future
Issues to discuss include the need to change curricula in the wake of rapid business changes, shortages of accounting educators, the rise of more specialized fields of accounting and low funding for accounting programs at many universities.
http://www.aicpa.org/Press/PressReleases/2010/Pages/AAAandAICPACreatePathwaysCommission.aspx

A security policy is good, but a locked drawer is better
Companies must ensure that client information is physically protected and that any paperwork on a desk is covered from other clients' sights to protect confidentiality.
http://www.accountingweb.com/topic/technology/firms-must-protect-information-policy-action

FASB and IASB propose universal revenue-recognition standard
The boards unanimously recommended creating one standard for revenue recognition for all industries that would mandate greater disclosures.
http://www.journalofaccountancy.com/Issues/2010/Aug/20103021



MEXICO AND LATIN AMERICA

Incidence of fraud in Latin America on the rise
Mexico ranks first in Latin America in the incidence of corporate fraud with 75%, followed by Brazil with 68%, and Argentina, with 41%, as measured by KPMG.
http://www.kpmg.com/MX/es/IssuesAndInsights/ArticlesPublications/Documents/Estudios/Encuesta_fraude_en_Mexico_2010.pdf

Petrobras to Raise $32 Billion From Minority Shareholders
Petroleo Brasileiro SA, Latin America’s largest company by market value, plans to raise as much as 129 billion reais ($75 billion) in the world’s largest share sale as it seeks cash to develop offshore oil fields.
http://www.bloomberg.com/news/2010-09-03/petrobras-plans-to-sell-2-17-billion-voting-shares-1-59-billion-preferred.html

Brazilian growth outstrips forecast
Brazil’s economy grew at an annualized rate of 8.9% in the first half of 2010, defying expectations of a more significant slowdown in the second quarter.
http://www.ft.com/cms/s/0/e2ed77ea-b77f-11df-8ef6-00144feabdc0.html

Chile pushes for mining tax increase
Sebastián Piñera, Chile’s president, has sent to Congress a revised bill to increase a key mining tax and “share the bonanza” of high copper prices in a bid to raise $1bn over three years to help fund reconstruction six months after the country suffered a devastating earthquake.
http://www.ft.com/cms/s/0/137b72f4-b555-11df-9af8-00144feabdc0.html



“The difference between school and life? In school, you're taught a lesson and then given a test. In life, you're given a test that teaches you a lesson."
Tom Bodett, American author and humorist


OTHER

Offering Stock to Your Employees: 5 Key Financial Considerations
You can choose to make your employees more involved with your business' future by offering them stock in the company.
http://www.openforum.com/idea-hub/topics/managing/article/offering-stock-to-your-employees-5-key-financial-considerations-thursday-bram

17 Signs that You Are a Great Boss
We all like to think that we are good people to work for, but is it true? Here are a few signs you should be aware of.
http://www.openforum.com/idea-hub/topics/managing/article/17-signs-that-you-are-a-great-boss-steve-strauss

The 20 greatest social-media efforts
The social-media effort for "The Blair Witch Project" has been ranked by Forbes and a panel of marketing experts as the best campaign of its type.
http://www.forbes.com/2010/08/17/facebook-old-spice-farmville-pepsi-forbes-viral-marketing-cmo-network-social-media.html?boxes=Homepagemostemailed

Signing, Singing, Speaking: How Language Evolved
These words you are reading are really just a collection of arbitrary symbols. Yet, after some decoding by your brain, these symbols convey meaning. That's because humans have evolved a brain with an extraordinary knack for language.
http://www.npr.org/templates/story/story.php?storyId=129155123&sc=nl&cc=es-20100822

Succession planning is challenging, but necessary
Planning for a company's future includes devising a process to choose a successor should a company leader leave. The rapid departures of Hewlett-Packard's past three CEOs, which caught the company flat-footed each time, offer a good example of what not to do.
http://www.cfo.com/article.cfm/14518247

Paris metro body heat to help warm building
The warmth generated by human bodies in the Parisian metro will help heat a public housing project in the city centre.
http://news.yahoo.com/s/nm/20100903/od_uk_nm/oukoe_uk_heat_metro_paris


KEY MEXICO STATISTICS
Aug-10 / Jul-10 / Jun-10

Exchange Rate: MXN to USD
12.7457 / 12.8279 / 12.7225

Exchange Rate: MXN to EUR
16.7386 / 16.4808 / 15.7276

Exchange Rate: MXN to CAD
12.3523 / 12.2724 / 12.0907

Country Risk (basis points)
158 / 153 / 179

Bolsa (IPC BMV)
31,680 / 32,309 / 31,379

Cetes 28d
4.58% / 4.63% / 4.60%

Inflation (INPC, annual variation)
3.64% / 4.75% / 3.92%

UDIs
4.427201 / 4.415633 / 4.413205

International Reserves (Millions USD)
106,286 / 103,416 / 100,363

(Source: Mexico Central Bank)

Global Business, Finance and Accounting Newsletter - August 2010

The Key To Successful Corporate Reorganization
Corporate reorganizations are risky investments of time, energy and resources, and many do little to improve the business.
http://www.forbes.com/2010/07/30/corporate-reorganization-abb-ford-leadership-managing-bain.html?boxes=Homepagechannels

GLOBAL ECONOMY

China Becomes Second Biggest World Economy
China has overtaken Japan to become the world's second-largest economy, the fruit of three decades of rapid growth.
http://www.cnbc.com/id/38482538

BlackBerry Challenges May Spread in the future
BlackBerry faces increasing challenges to its overseas expansion as more countries tighten restrictions on mobile e-mail.
http://www.bloomberg.com/news/2010-08-01/blackberry-expansion-at-risk-as-governments-tighten-curbs-on-mobile-e-mail.html

The new division of labor: Adding profits, subtracting workers
Although jobs haven't returned, corporate profits surely have and, at $1.2 trillion, are now higher than they were before the crisis.
http://www.washingtonpost.com/wp-dyn/content/article/2010/07/29/AR2010072906281.html?sub=AR

FINANCE AND ACCOUNTING

SEC Pushes Companies for More Risk Information
The SEC has been prodding companies in recent reviews of regulatory filings to provide more information about the risks they face.
http://www.cfo.com/article.cfm/14513695/c_14514289

SEC Charges Former Citi CFO
The Citigroup CFO who steered the company through the financial crisis is charged by the SEC with misleading investors.
http://www.cfo.com/article.cfm/14514146

The DNA of an Effective Forensic Accountant
If attorneys could engineer the perfect fraud investigator, 78% of them would choose an accountant with strong analytical abilities.
http://www.journalofaccountancy.com/Issues/2010/Aug/20092400.htm

MEXICO AND LATIN AMERICA

Brazil Is Booming (and Maddening)
U.S. companies are keen to expand into Latin America's biggest market, but CFOs report that Brazil poses unique challenges.
http://www.cfo.com/article.cfm/14508833/c_14509253

A breath of fresh air
Surrounded by mountains and volcanoes, Mexico City is the perfect smog-trap. Yet the capital’s filthy atmosphere has improved at last.
http://www.economist.com/node/16706385?story_id=16706385

Is Mexico The New China?
Mexico ranked as the cheapest country to manufacture products for the U.S. market. India is now No. 2, followed by China and then Brazil.
http://www.investortrip.com/is-mexico-the-new-china/

OTHER

Do schools kill creativity?
Sir Ken Robinson makes an entertaining case for creating an education system that nurtures (rather than undermines) creativity.
http://www.youtube.com/watch?v=iG9CE55wbtY&feature=related

Condoleezza Rice plays piano for Aretha Franklin
The former US Secretary of State and the Queen of Soul team up for charity concert in Philadelphia.
http://www.youtube.com/watch?v=oO6YO9xDHi8&feature=fvst

Best Places to Retire Abroad: Puerto Vallarta
Mexico offers spectacular beaches and charming hill towns, making it the number one foreign destination for American retirees.
http://www.aarp.org/home-garden/livable-communities/info-07-2010/best-places-retire-abroad-mexico-puerto-vallarta.html

KEY MEXICO STATISTICS
Jul-10 / Jun-10 / May-10

Exchange Rate: MXN to USD
12.8279 / 12.7225 / 12.7118
Exchange Rate: MXN to EUR
16.4808 / 15.7276 / 16.0283
Exchange Rate: MXN to CAD
12.2724 / 12.0907 / 12.3472
Country Risk (basis points)
153 / 179 / 186
Bolsa (IPC BMV)
32,309 / 31,379 / 32,058
Cetes 28d
4.63% / 4.60% / 4.58%
Inflation (INPC, annual variation)
4.75% / 3.92% / 3.93%
UDIs
4.415633 / 4.413205 / 4.428907
International Reserves (Millions USD)
103,416 / 100,363 / 97,994
(Source: Mexico Central Bank)

Reconocimiento de Ingresos

Finanzas para No Financieros

El siguiente artículo es parte de una serie dirigida a directores generales y dueños de empresas que buscan orientación en temas contables y financieros que les permita tomar decisiones con mayor certidumbre.

Reconocimiento de Ingresos

El reconocer ingresos erróneamente tiene un impacto inmediato en los márgenes que reporta el negocio y en la evaluación de su rentabilidad. Muchos fraudes se han cometido a través del registro deliberado de ingresos que no existen, con el objeto de ocultar la situación financiera real de un negocio y hacer que parezca mucho más viable de lo que en realidad es.

Un punto que requiere de atención especial son las provisiones de ingreso. En situaciones normales, las provisiones de ingreso se utilizan para contabilizar productos o servicios que ya han sido vendidos pero que, por cuestiones administrativas internas o externas, no han podido ser facturados todavía. Estas provisiones normalmente aparecen como una cuenta dentro del Activo, o bien, cuando se les trata de ocultar, como una cuenta de saldo deudor dentro del Pasivo. Estas provisiones no deben permanecer mucho tiempo en el Balance General, ya que se hacen para corregir situaciones administrativas que deben ser resueltas en el corto plazo. Cualquier provisión de ingreso que lleve más de dos o tres meses sin ser facturada debe cuestionarse.

Aunque cada industria tiene reglas específicas para reconocer ingresos, algunos puntos básicos son:
a. Debe haber evidencia de un acuerdo de voluntades entre cliente y empresa (p.e. un contrato, una órden de compra, etc.)
b. Los servicios deben haber sido prestados o el producto debe haber sido enviado.
c. Debe haber un precio pactado que debe ser cuantificable (p.e. no se reconoce aquello que sea contingente o que no se pueda medir con certeza).
d. Debe haber seguridad razonable de que la empresa va a cobrar ese ingreso (p.e. un ingreso de un cliente que ya no tiene operaciones o está en bancarrota debe reservarse).

En México, especialmente en épocas cercanas al cierre fiscal, se da particularmente el fenómeno de facturación anticipada (p.e. facturar productos o servicios que se entregarán en el año fiscal siguiente, con el objeto de no “perder el presupuesto”). Aquí es importante que la empresa reconozca dicho ingreso hasta el ejercicio que corresponda, para no beneficiar de forma inadecuada el ejercicio en que se facturó.

Otro punto importante es monitorear periódicamente los márgenes de utilidad que reporta el negocio, tanto en términos de utilidad bruta como de utilidad neta. La mayoría de los negocios tienen márgenes que se mueven dentro de un rango más o menos estable y conocido. Cualquier fluctuación fuera de ese rango debe ser investigada.

En esa misma línea, es importante analizar la rentabilidad no sólo a nivel de estado de resultados, sino también por cliente, por producto, por línea de negocio, por sucursal, etc. Esto permitirá detectar situaciones donde los márgenes reportados no sean razonables, o bien, situaciones que requieran de alguna acción administrativa.

Un principio contable básico es que ingresos y gastos deben reconocerse en un mismo período. Así que cada ingreso debe ir acompañado de su respectivo costo de venta. Y cuando existan provisiones de ingreso, también se debe verificar que vayan acompañadas de la provisión de su costo respectivo.

Por otro lado, también es muy útil observar la relación que existe entre las ventas y las cuentas por cobrar. Si mis ventas son de $100 y mis cuentas por cobrar son de $100, significa que no he cobrado nada de lo que he vendido este año, lo cual es un problema muy grande. Si mis ventas son de $100 y mis cuentas por cobrar son de $20, significa que ya he cobrado $80, por lo que mi riesgo de haber reconocido ingresos incorrectamente es mucho menor.

En resumen, la empresa debe reconocer ingresos una vez que éstos hayan sido devengados o ganados, no antes ni después, asegurándose de que su costo también sea reconocido en el mismo período. De esta forma, la información financiera será correcta y se podrán tomar mejores decisiones empresariales.

July Newsletter

IN FOCUS

The surprising truth about our motivations
This ten-minute video, narrated by Dan Pick, illustrates the hidden truths behind what really motivates us at home and in the workplace.
http://www.youtube.com/watch?v=u6XAPnuFjJc&feature=player_embedded

GLOBAL ECONOMY

Russia and the U.S. most protectionist among the G-20
According to the annual rankings released by the International Chamber of Commerce, Russia and U.S. are top in protectionism.
http://www.businessweek.com/news/2010-06-29/russia-u-s-most-protectionist-in-group-of-20.html

World can no longer depend on the U.S. to drive growth
Treasury Secretary Timothy Geithner said the world cannot depend as much on the U.S. as it has in the past to fuel economic growth.
http://news.bbc.co.uk/2/hi/business/10406463.stm

Ethical failures can hurt your bottom line
Although confronting ethical problems is difficult, companies must incorporate how to handle ethics issues into their business strategy.
http://www.cfo.com/article.cfm/14504175/c_14504464?f=home_todayinfinance

20 essential questions for every entrepreneur
Every entrepreneur must answer these questions in a truthful manner in order to be successful.
http://www.forbes.com/2010/06/17/most-important-questions-in-business-entrepreneurs-management-small-business.html?boxes=Homepagelighttop

FINANCE AND ACCOUNTING

How to fight workplace fraud
Discussion about the most common and costly workplace frauds and effective ways to prevent and detect them.
http://www.journalofaccountancy.com/Issues/2010/Jun/20102852.htm

Benefits of Sarbanes-Oxley are seen as outweighing costs
According to a survey by Protiviti, most companies think the benefits of the Sarbanes-Oxley accounting controls outweigh their costs.
http://www.protiviti.com/soxsurvey

Big Changes Proposed for Revenue Recognition
FASB and the IASB released a proposal that would create a single revenue recognition standard for both U.S. GAAP and IFRS.
http://www.journalofaccountancy.com/Web/20103049.htm

MEXICO AND LATIN AMERICA

Petrobras Sees Higher Insurance Costs After BP Spill
Petroleo Brasileiro SA, Brazil’s state-controlled oil producer, expects insurance costs to rise after BP Plc’s spill in the Gulf of Mexico.
http://www.bloomberg.com/news/2010-07-02/petrobras-expects-insurance-costs-to-rise-after-bp-oil-spill-awad-says.html

Fujimori Nostalgia in Peru Fuels Daughter’s Candidacy
Keiko Fujimori travels to a prison outside Lima every week for electoral advice from an inmate with political experience: her father.
http://www.businessweek.com/news/2010-07-01/fujimori-nostalgia-in-peru-fuels-daughter-s-candidacy.html

A stronger Mexico is good for Canada
Mexico matters and in the future it is going to matter even more. http://www.theglobeandmail.com/news/opinions/a-stronger-mexico-is-good-for-canada/article1576422/

OTHER

Baby smoker in Indonesia
A two-year old Indonesian toddler is addicted to smoking cigarettes, after taking up the habit when he was 18 months old.
http://news.yahoo.com/video/world-15749633/toddler-smokes-two-packs-a-day-20064607


KEY MEXICO STATISTICS
Jun-10 / May-10 / Apr-10

Exchange Rate: MXN to USD
12.7225 / 12.7118 / 12.2336
Exchange Rate: MXN to EUR
15.7276 / 16.0283 / 16.3277
Exchange Rate: MXN to CAD
12.0907 / 12.3472 / 12.0890
Country Risk (basis points)
179 / 186 / 148
Bolsa (IPC BMV)
31,379 / 32,058 / 32,687
Cetes 28d
4.60% / 4.58% / 4.60%
Inflation (INPC, annual variation)
3.92% / 3.93% / 4.97%
UDIs
4.413205 / 4.428907 / 4.455126
International Reserves (Millions USD)
100,363 / 97,994 / 97,328
(Source: Mexico Central Bank)

OPPORTUNITIES

¿Piensas que tu empresa podría exportar al mercado británico?
Si es así, el Comité Empresarial México-Reino Unido del COMCE está listo para apoyar tu proyecto. ¡Contáctanos!
http://www.facebook.com/group.php?v=info&gid=105059679528077




Armando Nuricumbo, CPA, CPC
Multilingual Accountant and Auditor
International Experience
Plateros 16 Suite 504
San José Insurgentes
03900 México D.F.
México (52 55) 5339-5829
USA (210) 764-6134

Email: armando@nuricumbo.com
Web: www.nuricumbo.com
Profile available in Facebook and LinkedIn

World's Richest Moms

Dear friends and colleagues,

Welcome to the May edition of my newsletter featuring selected articles on finance, business, and global economy. I hope you will find it useful. Feel free to contact me at any time would you need any additional information.

With very best regards,
Armando Nuricumbo


IN FOCUS

World's Richest Moms
Only 70 mothers in the world have billion-dollar fortunes, and just 7 of these, including Meg Whitman and J.K. Rowling, built their own.
http://www.forbes.com/2010/05/04/richest-moms-billionaire-whitman-rowling-walton-bettencourt.html?boxes=HomepageSpecialStorySection


FINANCE AND ACCOUNTING

What Is the Auditor's Role in Finding Fraud?
Whenever an accounting deception is uncovered, one of the first questions investors ask is "Where were the auditors?"
http://www.cfo.com/article.cfm/14490470?f=most_read

Five Ways to Convince Your CFO that Sustainability Pays
CFOs haven't been at the center of the corporate sustainability movement, although sustainability is a strategic imperative.
http://www.greenbiz.com/blog/2010/04/13/five-ways-convince-your-cfo-sustainability-pays?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+Greenbuzz+%28GreenBiz+Feed%29#ixzz0l4ukWvx6

Efficiently Maintain SOX Compliance
Many in the private sector continue to deploy SOX-related policies and procedures as best practices.
http://www.webcpa.com/news/Efficiently-Maintain-SOX-Compliance-53865-1.html?zkPrintable=true

Lehman's situation makes the case for accounting convergence
Lehman Bros. used an accounting strategy to bolster its balance sheet that would not have been acceptable under global accounting rules.
http://uk.reuters.com/article/idUKTRE63S2EZ20100429


GLOBAL ECONOMY

Roubini: "Greece is just the tip of the iceberg"
Higher inflation and rising government defaults can be expected as the U.S. increases sovereign debt levels to Japan and Greece.
http://www.businessweek.com/news/2010-04-28/roubini-says-rising-debt-leads-to-inflation-defaults-update1-.html

Disjointed reforms ‘will fail to stop financial crises’
In its Global Financial Stability Report, the IMF said plans to set up systemic risk watchdogs will not prevent another financial crisis.
http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article7096682.ece

IMF sees faster recovery, boosts 2010 global economic forecast
The IMF predicted that the global economy will grow 4.2% this year, a slight boost from its January forecast.
http://www.economist.com/blogs/freeexchange/2010/04/global_recovery


MEXICO AND LATIN AMERICA

Narcos, No’s and Nafta
Mexico is not Afghanistan, but it also has not become all that it hoped to be by now. Something feels stalled here.
http://www.nytimes.com/2010/05/02/opinion/02friedman.html?hp

World's Richest Man Speaks
Carlos Slim thinks Latin America is poised for growth. That will be good for the poor--and for him.
http://www.forbes.com/2010/03/11/carlos-slim-helu-business-billionaires-slim.html

Brazil criticizes US immigration law
Along with other countries, Brazil has also voiced sharp criticism of the controversial immigration law in the US state of Arizona.
http://news.smh.com.au/breaking-news-world/brazil-criticises-us-immigration-law-20100505-u7n7.html


OTHER

The Surprising Strengths of The Middle-Aged Brain
Although sometimes forgetful and easily distracted, our brain also gets better with time at seeing big picture and comprehending complexity.
http://www.npr.org/templates/story/story.php?storyId=125902095&sc=nl&cc=es-20100425



KEY MEXICO STATISTICS
Apr-10 / Mar-10 / Feb-10

Exchange Rate: MXN to USD
12.2336 / 12.5939 / 12.9547
Exchange Rate: MXN to EUR
16.3277 / 16.6155 / 17.3587
Exchange Rate: MXN to CAD
12.0890 / 12.1124 / 12.1227
Country Risk (basis points)
148 / 116 / 167
Bolsa (IPC BMV)
32,687 / 33,266 / 31,634
Cetes 28d
4.60% / 4.46% / 4.55%
Inflation (INPC, annual variation)
4.97% / 5.06% / 4.76%
UDIs
4.455126 / 4.439870 / 4.410955
International Reserves (Millions USD)
97,328 / 94,918 / 93,750
(Source: Mexico Central Bank)


OPPORTUNITIES

¿Eres exalumno de la Facultad de Contaduría de la UNAM?
¿O conoces a alguno? Únete a la Red de Egresados de la FCA UNAM. Te invitamos a nuestro grupo en Facebook. SEFCA UNAM.
http://www.facebook.com/group.php?gid=109041185781920

XVII Congreso del Comercio Exterior Mexicano
Comercio Exterior como Impulso para la Recuperación Económica, los días 2,3, y 4 de junio de 2010, en Mérida, Yucatán.
http://congreso.comce.org.mx/

Properties for sale in the state of Chiapas, Mexico
Excellent investment opportunities. One ranch of 90 hectares and a warehouse in the city of Tonala. Public deeds current. Sold by owner.
http://www.nuricumbo.com/files/Investment_Opportunity_in_Chiapas.pdf

IN FOCUS

The Emergence of the Triple Bottom Line
Companies will come under pressure to assess their actions on a "triple bottom line" that considers people, the planet, and profits.
http://www.sustainablebusiness.com/index.cfm/go/news.display/id/19889?utm_source=feedburner


FINANCE AND ACCOUNTING

The New Role of Internal Audit
Many organizations are finding a whole new value for internal audit they have never seen before.
http://www.webcpa.com/news/What-Now-for-Internal-Audit-53525-1.html?zkPrintable=true

Guidance targets money laundering, terrorist financing
New guidance intends to help financial institutions to better understand money laundering and terrorist financing risks.
http://www.journalofaccountancy.com/Web/20102680.htm

More executives in the U.S. want IFRS
About half of U.S. executives would like to be able to move to international accounting standards sooner.
http://www.reuters.com/article/idUSN0919332520100309

10 basic questions about internal controls
This 10-question quiz will test a CPA's knowledge of concepts at the core of an effective system of internal controls.
http://www.journalofaccountancy.com/Issues/2010/Mar/20092240.htm


GLOBAL ECONOMY

Governments Increase all sort of taxes to fill budget gaps
Taxpayers from California to Copenhagen should brace for more “hidden taxes” — new charges on services once provided for free.
http://www.nytimes.com/2010/03/18/business/global/18tax.html?adxnnl=1&adxnnlx=1268913694-b//rDhA2Gq8kH4NxNkRdAQ

Oil Production May Peak by 2014 – Earlier than Estimated
In a surprising announcement, Kuwait University released a study that suggests that world conventional crude oil will peak as early as 2014 — a decade or three earlier than other parties have estimated.
http://2greenenergy.com/startling-new-research/2893/

Intel, Toyota, Samsung increase their investments in Vietnam
Vietnam hosts Southeast Asian leaders this week, shining a spotlight on the country’s political and economic stability.
http://www.bloomberg.com/apps/news?pid=20601109&sid=aORtHK_b7KkM&pos=15

Canadian economy steaming ahead of other G7 countries
Canada's economy is blowing its G7 peers out of the water in terms of speed and strength of economic recovery, says the OECD.
http://ca.news.yahoo.com/s/capress/100407/business/economy_19


MEXICO AND LATIN AMERICA

Wachovia charged with violating anti-money laundering law
Authorities filed charges alleging the bank failed to block Mexican currency exchange firms from laundering $110M in drug proceeds.
http://www.miamiherald.com/2010/03/17/1534001/feds-charge-wachovia-with-violating.html

Mexico offers lowest cost to do business, according to survey
Mexico maintains top position as the most affordable country in which to do business in the KPMG Competitive Alternatives 2010 survey.
http://www.competitivealternatives.com/highlights/international.aspx

Sinopec Group Completes $1.3 Billion Brazil Pipeline
China’s second-biggest energy producer completed a USD $1.3B natural-gas pipeline in Brazil before a visit by President Hu Jintao.
http://www.bloomberg.com/apps/news?sid=a_uYZACyTxfg&pid=20601087


OTHER

Wal-Mart tops brand-value survey
Wal-mart topped the list of the most valuable retail brands in the U.S., followed by Target and Best Buy.
http://www.brandweek.com/bw/content_display/news-and-features/direct/e3if3d775aa9c43698eb98617ae58d04b1c

In a Test of Sales Savvy, Selling a Red Brick on YouTube
OgilvyOne seeks the world’s greatest salesperson in a YouTube contest to best market an ordinary red brick.
http://www.nytimes.com/2010/03/29/business/media/29adco.html?8ad&emc=seia

The Aging Brain Is Less Quick, But More Shrewd
As we age, our brain's reaction time slows and our ability to multitask diminishes, but it also enhances the ability to reason and empathize.
http://www.npr.org/templates/story/story.php?storyId=124118077&sc=nl&cc=es-20100328



KEY MEXICO STATISTICS
Mar-10 / Feb-10 / Jan-10

Exchange Rate: MXN to USD
12.5939 / 12.9547 / 12.8047
Exchange Rate: MXN to EUR
16.6155 / 17.3587 / 18.1682
Exchange Rate: MXN to CAD
12.1124 / 12.1227 / 12.2324
Country Risk (basis points)
116 / 167 / 184
Bolsa (IPC BMV)
33,266.43 / 31,634.54 / 30,391.61
Cetes 28d
4.46% / 4.55% / 4.48%
Inflation (INPC, annual variation)
5.06% / 4.76% / 4.46%
UDIs
4.439870 / 4.410955 / 4.364958
International Reserves (Millions USD)
94,918 / 93,750 / 91,187
(Source: Mexico Central Bank)


OPPORTUNITIES

¿Eres exalumno de la Facultad de Contaduría de la UNAM?
¿O conoces a alguno? Únete a la Red de Egresados de la FCA UNAM. Te invitamos a nuestro grupo en Facebook. SEFCA UNAM.
http://www.facebook.com/group.php?gid=109041185781920

¿Piensas que tu empresa podría exportar al mercado británico?
Si es así, el Comité Empresarial México-Reino Unido del COMCE está listo para apoyar tu proyecto. ¡Contáctanos!
http://www.facebook.com/group.php?v=info&gid=105059679528077

Properties for sale in the state of Chiapas, Mexico
Excellent investment opportunities. One ranch of 90 hectares and a warehouse in the city of Tonala. Public deeds current. Sold by owner.
http://www.nuricumbo.com/files/Investment_Opportunity_in_Chiapas.pdf

Economic loss from Chile earthquake may hit $30B

Economic damages from Saturday's massive earthquake in Chile are likely to be in the range of $15 billion to $30 billion USD.
http://www.businessinsurance.com/article/20100227/NEWS/100229918


FINANCE AND ACCOUNTING

CFO's guide to international tax compliance
Prudent financial executives should take the time to evaluate their current international tax compliance and identify potential liabilities.
http://www.aicpa.org/pubs/taxadv/jan2010/collins.pdf

Auditors See Increase in Fraud
Fraudulent acts by employees and outsiders have risen since the beginning of the recession, and auditors predict the trend to continue.
http://www.webcpa.com/news/Auditors-See-Increase-in-Fraud-53221-1.html?zkPrintable=true

Bank lending sees biggest annual decrease since 1940s
Bank lending in the US fell by $587 billion, or 7.5 percent, in 2009, as the number of troubled financial institutions rose sharply.
http://www.washingtonpost.com/wp-dyn/content/article/2010/02/23/AR2010022302120.html


GLOBAL ECONOMY

Foreign direct investment is decreasing
The flow of foreign direct investment (FDI) fell by 39% in 2009 to just over $1 trillion, from a shade under $1.7 trillion in 2008.
http://www.economist.com/daily/chartgallery/displayStory.cfm?story_id=15524629

Goldman Sachs’ secret deal with Greece
Goldman charged enormous fees in a complex currency transaction that helped Athens borrow cash without recording it as a loan.
http://compliancex.typepad.com/compliancex/2010/02/goldman-sachs-in-new-storm-over-secret-deal-to-mask-greek-debts.html

Greenspan: US Economy not poised for a strong rebound
Small businesses and the jobless still suffering from the aftermath of "the greatest financial crisis, globally, ever".
http://www.reuters.com/article/idUSTRE61M4B120100223

Berkshire Hathaway Annual Letter to Shareholders
Investor and billionaire Warren Buffett released his annual letter to Berkshire Hathaway Inc. shareholders.
http://www.startribune.com/business/85722637.html


MEXICO AND LATIN AMERICA

Mexico Expects Three New Private Equity Funds
Mexico expects financial firms to set up as many as three new private equity funds as they seek to tap into growing pension fund money.
http://www.bloomberg.com/apps/news?pid=20601014&sid=aOFGmfa7BI9U

Brazil’s Real Post Biggest Advance in the World This Month
Brazil’s currency had the biggest gain in the world this month as growth accelerated and traders anticipated interest rate increases.
http://www.businessweek.com/news/2010-02-26/brazil-s-real-post-biggest-advance-in-the-world-this-month.html

South America to create new bloc to defy US
The 24-strong bloc of Latin American states will form a new trade body intended to present opposition to US dominance. What can it really hope to achieve?
http://www.dw-world.de/dw/article/0,,5293667,00.html?maca=en-rss-en-all-1573-rdf


OTHER

Top 10 Forgettable U.S. Presidents
Presidents Day is typically associated with titans of American history. But what of the lesser men who have passed through the Oval Office?
http://www.time.com/time/specials/packages/article/0,28804,1879648_1879646,00.html


KEY MEXICO STATISTICS
Feb-10 / Jan-10 / Dec-09

Exchange Rate: MXN to USD
12.9547 / 12.8047 / 12.8563
Exchange Rate: MXN to EUR
17.3587 / 18.1682 / 18.8136
Exchange Rate: MXN to CAD
12.1227 / 12.2324 / 12.4813
Country Risk (basis points)
167 / 184 / 166
Bolsa (IPC BMV)
31,634.54 / 30,391.61 / 32,120.47
Cetes 28d
4.55% / 4.48% / 4.51%
Inflation (INPC, annual variation)
4.76% / 4.46% / 3.57%
UDIs
4.410955 / 4.364958 / 4.340166
International Reserves (Millions USD)
93,750.0 / 91,187.5 / 90,837.8
(Source: Mexico Central Bank)


OPPORTUNITIES

Risk Reward Limited
Risk Reward provides independent risk management consultancy for banks and financial institutions worldwide.
http://www.riskrewardlimited.com/

Ranch and Warehouse for Sale in Chiapas
Excellent investment opportunity. 90 Has. Close to the communities of Tonala and Tapachula. Sold by owner.
www.impulsora.net/venta

Top Ten Business Risks for 2010

2010 will offer plenty of reasons to stay awake at night, according to a new survey by the Corporate Executive Board (CEB).
http://www.cfo.com/article.cfm/14467748?f=home_featured


FINANCE AND ACCOUNTING

SEC to require disclosure of climate change risks
The SEC has voted to make clear when companies must provide information about the business risks associated with climate change.
http://compliancex.typepad.com/compliancex/2010/01/sec-to-require-disclosure-of-climate-change-risks.html

As Internal Audit Staffs Shrink, Will Fraud Rise?
A new study finds that compliance staffs haven't escaped layoffs, leaving companies more exposed to risk.
http://cfo.com/article.cfm/14461787/c_14461841?f=home_todayinfinance

Governments to Share More Transfer Pricing Data
A new report predicts that tax authorities will continue to closely scrutinize intercompany transactions across national borders. http://www.webcpa.com/news/Governments-Share-More-Transfer-Pricing-Data-53113-1.html?zkPrintable=true


GLOBAL ECONOMY

Major rumors about Greek sovereign default
In Brussels the question about Greece has turned from “Are we willing to bail out this country?” to “How do we do it?”
http://www.economist.com/blogs/charlemagne/2010/01/greek_bailout_within_months

World's Friendliest Countries
These nations are the most hospitable to expatriates, according to a new report.
http://www.forbes.com/2009/11/30/worlds-friendliest-countries-lifestyle-travel-canada-bahrain-hsbc-chart.html

CFO Optimism Increased in Fourth Quarter
CFOs were more optimistic about the economy and their own companies in the fourth quarter of last year.
http://www.webcpa.com/news/CFO-Optimism-Increased-in-Fourth-Quarter-53127-1.html?zkPrintable=true


MEXICO AND LATIN AMERICA

Mexico sees record drop in remittances
Money sent home by Mexicans plunged a record 15.7% in 2009 as migrants struggled to find work during the global economic slowdown.
http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2010/01/27/financial/f121046S42.DTL

Mexican economy falls by 6.8 percent in 2009
The Mexican government says the economy shrank by 6.8 percent in 2009, the worst decline since the 1930’s.
http://www.cnbc.com/id/35155026

Ascendant Brazil seeks Latin American pre-eminence
Brazil is gaining ascendancy in Latin America faster than anticipated by its neighbors and is poised to claim its pre-eminence on the continent.
http://www.upi.com/Top_News/Special/2010/01/29/Ascendant-Brazil-seeks-Latin-American-pre-eminence/UPI-27571264784201/

Forget Viagra - Pork is the ticket to a hot sex life
Argentina's president recommended pork as an alternative to Viagra, saying she had a satisfying weekend with her husband after eating it.
http://www.nydailynews.com/lifestyle/2010/01/29/2010-01-29_forget_viagra__pork_is_the_ticket_to_a_hot_sex_life_says_argentinas_president_cr.html


OTHER

Movies That Should Die With The Decade
Ever slap down $10 for a film so foul you choked on the popcorn? It's time for payback. Here are the worst offenders of the past 10 years.
http://www.npr.org/templates/story/story.php?storyId=121951704&sc=nl&cc=progserv-20091230

Priest checks fingerprints for mass attendance
A Polish priest installed an electronic reader in his church in order to monitor attendance at mass.
http://www.reuters.com/article/idUSTRE60S4J120100129


KEY MEXICO STATISTICS
Jan-10 / Dec-09 / Nov-09

Exchange Rate: MXN to USD
12.9975 / 13.0437 / 12.9139
Exchange Rate: MXN to EUR
18.1682 / 18.8136 / 19.4175
Exchange Rate: MXN to CAD
12.2324 / 12.4813 / 12.2175
Country Risk (basis points)
184 / 166 / 179
Bolsa (IPC BMV)
30,391.61 / 32,120.47 / 30,957.11
Cetes 28d
4.48% / 4.51% / 4.49%
Inflation (INPC, annual variation)
n.a. / 3.57% / 3.86%
UDIs
4.364958 / 4.340166 / 4.316933
International Reserves (Millions USD)
91,187.5 / 90,837.8 / 81,645.9
Source: Mexico Central Bank


OPPORTUNITIES

Historic house for sale in the State of Guanajuato.
30 minutes from Dolores Hidalgo. 3 hours from Mexico City. Excellent location for business. 300 m2. Sold by owner.
http://www.nuricumbo.com/files/Casa_en_San_Diego_de_la_Uni_n.pdf

Horizon Language Institute
Situated in Montreal, this school offers a wide variety of language courses and unique programs tailored to your professional needs.
http://www.horizoninstitute.ca/en/

Risk Reward Limited
Risk Reward provides independent risk management consultancy for banks and financial institutions worldwide.
http://www.riskrewardlimited.com/