The EU accounting directive brings a much-changed small company accounting regime, added complexity and confusion. Liz Loxton investigates The new EU Accounting Directive brings sweeping changes to the small company reporting regime. However, while European Commission (EC) policymakers seemed to have had the laudable aim of reducing the need for smaller entities to produce overly…
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It’s been 10 years since the adoption of International Financial Reporting Standards (IFRS) by listed companies across the EU, and we believe that Europe’s positive experience offers useful lessons for countries contemplating a move to IFRS reporting. Our Financial Reporting Faculty has published a major new report detailing Seven Lessons Learned from the European Experience. The…
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For most of the past decade businesses that decided not to pay attention to proposed changes in revenue recognition rules have saved themselves time and frustration as the proponents’ timetables have slipped and roadmaps have changed. The new rules are the result of a convergence of US-GAAP (Generally Accepted Accounting Principles – the accounting standard used…
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In Belgium, small- and medium-sized entities (SMEs) represent 97% of companies and 55% of jobs. An acquisition of an SME is a true challenge, and approximately 320,000 enterprises are expected to be taken over between now and 2020. If barriers—in particular those of a fiscal, financial, and psychological nature—can constitute obstacles, it seems that hiring…
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The following requirements are excerpted from AU-C Section 320 (the complete section should be read for a thorough understanding of materiality concepts): 10 When establishing the overall audit strategy, the auditor should determine materiality for the financial statements as a whole. If, in the specific circumstances of the entity, one or more particular classes of transactions, account…
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El Proyecto de Ley de Auditoría se encuentra en una fase muy avanzada de su tramitación y confiamos que su entrada en el Senado permita introducir algunas mejoras técnicas que no han podido consensuarse a su paso por el Congreso. Recordemos que esta iniciativa es consecuencia de la adaptación de nuestra legislación interna a los…
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· Getting the right balance between rigorous oversight of audit bodies and protection of their independence is a big challenge A good governance structure is fundamental to the effectiveness of public audit organisations. It is something that must apply to all, without exception. This is particularly true for what are known as supreme audit institutions.…
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Today, we hear a great deal about Chinese M&A deals, Chinese money and investment pouring into diverse markets, and even Chinese loans being used to bail out struggling economies. Combined with press coverage of Chinese tourists and elites rushing abroad to spend lots of cash on real estate and luxury goods, the world must be…
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Is a company that has a strong corporate social responsibility (CSR) reputation more likely to be a better user of digital media? Are its web sites and other digital communications more useful and have better content? We might expect a connection between sustainability performance and the communication of a company’s CSR program. But is there…
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Economic globalization and the increased scrutiny of transnational and multinational corporations over the past few decades has given rise to the present climate of opinion, with its widespread aversion to the «soulless corporation». Today, the responsibility of business is arguably not simply to increase profits but to achieve profit-maximization through corporate social responsibility and the…
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