News
European Court of Justice restricts countries’ discretion in denying VAT numbers
The Court of Justice of the European Union (ECJ) ruled that Latvia could not refuse to assign a VAT identification number to a company on the ground that the company would not be able to carry out the declared economic activity for which it was requesting the number.UK FRC completes simplification of standards
The UK Financial Reporting Council (FRC) completed a fundamental modernisation of UK and Irish accounting standards for unlisted entities with the issuance of FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.Finance chiefs plan to increase business partnering
Finance teams are planning to invest more time and resources into business partnering despite the barriers that hinder its effectiveness, such as inadequate systems and skills.Hong Kong resident must pay US tax on wages earned in international airspace
A recent decision of the US Tax Court illustrates the surprising tax results that can ensnare US expatriates as a result of the United States’s worldwide tax regime.It takes more than low taxes to attract most companies
A low corporate tax rate alone is not enough for a majority of companies worldwide to pull up stakes and relocate their business to another country, research by Grant Thornton International suggests. Instead, they favour lowering the corporate tax rate in their own country.India’s 2013 budget raises concerns among investors, companies
Proposed higher taxes in the 2013–14 budget proposed by Indian Finance Minister P. Chidambaram on February 28th have caused concern amongst foreign investors and companies in India. If approved, the budget would take effect April 1st 2013.IASB’s financial instruments impairment proposal differs from FASB’s
The International Accounting Standards Board issued a proposed financial instruments impairment standard that, as expected, contained a different mechanism for reporting expected loss than the proposal FASB issued in December.European bank reform: A boon for tax authorities?
The proposed package of European bank reform measures, known as the Capital Requirements Directive Four (CRD4), could be a boon to European tax authorities, giving them a clearer view of when banks attempt to shift profits out of country to avoid tax, observers say.US economic optimism still neutral, but rising
US economic optimism is on the rise, but that rise has brought it only into the neutral category, according to the latest AICPA Business & Industry Economic Outlook Survey. CPA decision-makers feel good about their businesses’ potential for growth, as each component of a nine-factor index rose compared with the fourth quarter of 2012.US standard-setter clarifies derecognition of foreign asset guidance
The US Financial Accounting Standards Board (FASB) amended financial reporting standards to resolve diversity in practice related to financial reporting involving the narrow issue of a parent entity’s accounting for the cumulative translation adjustment of foreign currency into net income upon derecognition of foreign subsidiaries or assets.One-to-One: Jean-Marc Huët, CFO, Unilever
On any given day, 2 billion people use Unilever’s products. In 2010, the company launched the Unilever Sustainable Living Plan – a set of targets designed to allow Unilever to grow its business whilst minimising its impact on the environment. Jean-Marc Huët joined Unilever in February 2010 as CFO. Here's his insight into driving long-term business success.UK investors, companies prefer simpler pay disclosures
UK investors and company executives favour reporting for director and executive remuneration that is simpler than what UK regulators have proposed, according to a new report by the UK Financial Reporting Council (FRC) financial reporting lab.CFOs’ optimism on the rise
CFOs in the United States have greater expectations for economic growth in the next 12 months compared with the sentiment of counterparts in Italy and France. A new quarterly survey shows that US CFOs project higher net earnings and revenue. Their companies also are more likely to add staff in the next year.Five ways to a better divestiture
Strategic divestitures, as opposed to recent cash-grab shedding of assets, are foremost on the minds of global executives, a new Ernst & Young report shows.UK FRC publishes guidelines for disciplinary sanctions
A new Financial Reporting Council (FRC) public document provides guidelines for FRC Disciplinary and Appeal tribunal members as they determine sanctions for FRC members or member firms that commit misconduct or fail to meet certain obligations.Millennials hold innovative businesses in high regard
Surveys show tomorrow’s business leaders are socially conscious and prefer to work in creative environments. They believe business innovation will address some of the world’s most pressing challenges, but they also say significant barriers exist to innovation, especially at large, established companies.Risk-related earnings uncertainty sparks market expansion, efficiencies
Companies are investing in efficiencies, expanding into new markets and altering risk management processes to combat the uncertainties, according to a new survey of North American finance professionals.UK regulator considering mandatory audit firm rotation
A much awaited summary of provisional findings of the UK Competition Commission (CC) stated that companies are reluctant to change auditors because they have difficulty comparing alternatives with their existing auditor, prefer continuity, and face significant costs in switching auditors.How to get the most out of LinkedIn’s new profile
LinkedIn is a great tool for nurturing business contacts and getting you noticed by recruiters. But if neglected, your profile page can result in missed opportunities and even tarnish your professional image.
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