Search Results for: accountancy

The European Union (EU) has at last, after five years of debates, finalised a country-by-country reporting directive designed to force multi-nationals to reveal publicly what profits they make, and taxes they pay, in each country of operation. The goal is to stop multinationals hiding behind consolidated group financial reports that conceal when they might pay taxes in low tax jurisdictions where trading may be light.…

The International Accounting Standards Board (IASB) will consider allowing the amortisation of goodwill, maintain some harmony with USA GAAP (generally accepted accounting principles). A joint US Financial Accounting Standards Board (FASB)/IASB education meeting discussed FASB plans to allow goodwill amortisation. “Most of those respondents commenting said that convergence on this topic with US GAAP was desirable,” said a meeting note.…

Saudi women are taking up professional roles unimaginable a few years ago, and that includes in accounting, a trend encouraged by the government. A new women’s accountancy programme was launched in March (2021) by the Saudi Organization for Certified Public Accountants (SOCPA), supported by the ministry of commerce.…

The development of trusted digital identity systems, now being rolled out internationally, will strengthen anti-money laundering and counter terrorist financing (AML/CTF) controls, the Financial Action Task Force (FATF) and AML technology vendors have argued.

Global AML body FATF is encouraging AML/CFT authorities to consider using regulatory ‘sandboxes’ to test how digital ID systems might interact with national AML/CFT laws and regulations.…

INTRODUCTION

Accounting software is crucial for any company wanting to expand on a sustainable basis, adding diversity in supply and customer relationships as they grow. The clothing and textile industry is particularly complex regarding its inputs and outputs. Production is also complex when manufacturers handle spinning, weaving, cutting and finishing.…

ACCA members Danish Sange and Amina Rafi reveal how their marriage has accelerated their professional growth and advanced their careers.

It is tough to separate work and home when you are married to someone with a similar profession.

But setting these boundaries has helped Danish Sange, manager at PwC Middle East, and his wife Amina Rafi, audit senior at Deloitte Middle East, make the most of their relationship.…

The International Federation of Accountants (IFAC) has released a white paper saying that the accounting profession needs to learn from the challenges of Covid-19, investing in boosting communication skills. This will enable accountants to be more effective pro-active trusted partners with their clients, able to adapt to flexible and remote working even after the pandemic subsides.…

THE EUROPEAN Commission is moving ahead with its plans to replace the European Union’s (EU) long-standing system of anti-money laundering directives – which give member states some flexibility over implementation – with a compulsory AML regulation. This will be directly applicable in all member states and must be followed to the letter.…

Covid-19 has ripped through the economy of the Indian Ocean country Mauritius, but it has helped island business advisory agency managing director Sheila Ujoodha make her case to clients that risk assessments and contingency planning are important.

The owner of SmarTree Consulting (SCL) since she created the company in 2018, Ujoodha is busy suggesting how businesses can cope with the pandemic, through its services of internal audit, risk assessment and regulatory consulting.…

EY, (formerly Ernst & Young), the Big 4 accounting major accused of shortcomings over its audit of disgraced German card payments processor Wirecard, is rejecting blame for its failure to detect the fintech firm’s EUR1.9 billion (USD2.1 billion) fraud scandal before it expanded to such a size.…