Search Results for: accountancy
10 results out of 326 results found for 'accountancy'.
EU PROPOSES TIGHTER MANDATORY 30 DAYS PAYMENTS TERMS FOR BUSINESSES
Businesses and public authorities across the European Union (EU) are facing tougher laws on late payments, with the European Commission proposing a new regulation that would insist on maximum 30-day terms. Under the legislation, if approved by the European Parliament and the EU Council of Ministers, later payments would automatically accrue interest payable to the creditor, at 8% above European Central Bank (ECB) base rates.…
UK SFO CHARGES FOUR FOR FRAUD OVER PATISSERIE VALERIE COLLAPSE
The UK Serious Fraud Office (SFO) has brought fraud charges against four individuals, including a former director, for their role in the October 2018 collapse of high street bakery chain Patisserie Valerie. The SFO said on September 13 that it has charged former director and chief financial officer Christopher Marsh, and his wife, accountant Louise Marsh, as well as financial controller Pritesh Mistry and financial consultant Nileshkumar Lad, with conspiring to inflate the cash in Patisserie Holdings’ balance sheets and annual reports from 2015 to 2018, including by providing false documentation to the company’s auditors.…
UK ACCOUNTING WATCHDOG SAW RECORD NUMBER OF AUDIT CASES IN 2022
British accountancy regulator the Financial Reporting Council (FRC) resolved a record 19 investigations in the financial year 2022/23, imposing fines worth GBP40.5 million (USD51.5 million) for audit failings mainly on audit firms, with GBP1 million (USD1.27 million) of these penalties levied on their senior partners.…
AML TECH BRANCHES OUT WITH AI, WITH MARKET BOOMING AND DIVERSIFYING
As tech evolves, notably through the development of artificial intelligence (AI), anti-money laundering (AML) compliance officers at obliged entities are assessing a growing range of applications and platforms.
The global AML software market size is estimated to grow by USD2.7 billion from 2022 to 2027 at a compound annual growth rate (CAGR) of 15.01%, although “the high cost of implementation may impede” this expansion, according to the Illinois, USA-based market researcher Technavio.…
DEDICATED TEAM NEEDED TO PREPARE FOR CBAM, SAY EU ACCOUNTING EXPERTS
The European Union’s (EU) new Carbon Border Adjustment Mechanism (CBAM) regulation (1) will challenge importers of greenhouse gas emissions-intensive goods, who must pay and administer a complex environmental levy. KPMG the Netherlands’ senior tax manager Nicole de Jager and tax lawyer Merijn Betjes told Accounting & Business (A&B), affected companies will have to “create a core team to manage this topic and perform an impact assessment,” to determine strategies.…
SCREENING OUT BAD HATS FORM CLIENT LISTS MAKES COMMERCIAL SENSE TO OBLIGED ENTITIES
AML is expensive, and for obliged entities, the cost increases the more suspicious transactions they must assess and process. So, it is far better for them to prevent – where possible – a potential money launderer from opening an account with them in the first place.…
EU PUSHES AHEAD WITH BEPS MINIMUM TAX RATES LAW – BUT WILL THE USA FOLLOW SUIT?
The unanimous approval of a European Union (EU) directive (1) by the EU Council of Ministers on December 12, that will write pillar 2 of the OECD’s BEPS model (2) into European law – will force accountants to reassess the tax liability of their largest clients.…
TECHNICAL ROUND UP – IPSASB TO CREATE PUBLIC SECTOR SUSTAINABILLITY REPORTING STANDARDS
The International Public Sector Accounting Standards Board (IPSASB) will start detailed work developing sustainability reporting standards for public sector bodies.
Ian Carruthers, IPSASB chair, said: “The public sector needs its own specific sustainability reporting framework and the IPSASB should lead its development.”…
EFRAG LISTENS TO COMPLAINTS OVER EUROPEAN SUSTAINABILITY STANDARDS DRAFTS – PARES BACK DATA DEMANDS
The European Commission is now assessing a first set of detailed proposed European Union (EU) mandatory sustainability reporting standards, delivered – on time – by the European Financial Reporting Advisory Group (EFRAG) Sustainability Reporting Board (SRB). (1)
Due diligence assessments and potential amendments will now be undertaken by the EU executive, before its formal adoption of these standards, planned for next June (2023).…
CHANGING REGULATORY PRESSURES FORCE OBLIGED ENTITIES TO HONE THE MANAGEMENT OF AML TEAMS
While FATF assessments focus on the policy and regulatory response of governments, law enforcement and AML agencies in fighting dirty money, the fact remains that these efforts are undertaken by teams – and how these groups’ staff members work together and are managed underscores their effectiveness.…