In brief

Zoya Malik posted 7 Apr 2021

ACCA (the Association of Chartered Accountant), in partnership with the Ethiopian regulator AABE (Accounting and Auditing Board of Ethiopia), has launched a project to support the development of the accountancy profession in Ethiopia.

Th project will be funded by the World Bank through a fund managed by the Ministry of Finance.

This initiative will support the establishment of a relevant national body, with a robust strategy, to meet the needs of the profession and its multiple stakeholders. In addition, the work includes a focus on stronger, fit-for-purpose and globally benchmarked regulation and compliance with international standards.

Hikmet Abdella – Director General of Accounting and Auditing Board of Ethiopia (AABE) commented, ‘With the development of capital markets in the pipeline and opening up of our economy, the public and investors will look to AABE to ensure that they are basing their decisions on reliable financial statements, and we are actively working towards attaining that goal.’

Zoya Malik posted 13 Apr 2021

Industry expert Ramon Camacho, Principal, RSM US LLP comments:

“The Biden administration’s latest proposals mark a significant change in direction for the US, and for the international tax landscape. For the last 20 years, we have seen countries around the world lower their corporate taxes to encourage economic activity. However, as the pandemic begins to come to an end, the role of government is changing in many nations. There is a growing consensus that governments have greater social responsibilities, and funding these priorities becomes paramount.

“There are other advantages for the US as well. With countries introducing digital services taxes to target the revenues of large digital companies (primarily American) that have grown during the pandemic, the Biden administration has been faced with the question of how to respond. While tariffs might present a short-term solution, a standardised corporate tax rate would reduce instances of profit shifting, and see those revenues collected in the US rather than abroad.

Zoya Malik posted 15 Apr 2021

Daxin Global COO Yue Hong summarises its strategic plans

Daxin Global, established in 2017, is a client focused accounting association that has been classified by the IAB as being one of the 15 largest accounting associations worldwide and the second largest in Asia in 2020 with a total reported revenue of USD 381.8 million and with over 4,800 staff located in 73 offices around the world.

In 2020, Daxin Global could welcome seven new members in various parts of the world including in the Middle East, Latin America and Europe. This brings the total number of member firms, spanning across 6 continents during a tough period of a global pandemic situation.

Daxin Global focusses strongly on audit quality. The plan is to build a global training platform which will allow enhancing quality digitally which will be the standard format going forward as travel restrictions will continue to create barriers for physical global meetings.

Zoya Malik posted 31 March 2021

Kaplan, Inc., education providers has partnered with Gleim Exam Prep to offer its global client base the Gleim-created exam review programme for Certified Public Accountant (CPA), Certified Management Accountant (CMA), and Certified Internal Auditor (CIA).

Gleim Exam Prep revolutionised the CPA Review market with the introduction of self-study materials, and the Gleim team of professional educators continues to innovate to this day. The suite of Gleim Exam Prep products now contains the proprietary adaptive learning platform called SmartAdaptTM that guides learners through their studies, helping them study more effectively and guaranteeing their success on exam day. Gleim CIA and CMA Review systems are used by more successful internal auditors and management accountants than any other exam preparation materials. In addition to leading the industry in accounting exam prep review systems, Gleim also publishes in-class materials for accounting professors and students and offers hundreds of hours of continuing professional education.

14 Apr 2021

Hong Kong’s Financial Reporting Council (FRC) has appointed Christine Chow and Stephen Weatherseed as honorary advisers for a term of two years from 15 April 2021 to 14 April 2023.

FRC CEO Marek Grabowski said: “We are delighted to welcome Dr Chow and Mr Weatherseed to join the FRC’s panel of Honorary Advisers, which now comprises 28 members. Their wealth of experience respectively in investment management, with expertise in strategic governance, sustainability and impact investment, and in accounting and auditing, with expertise in providing forensic support in litigation and other disputes, will bring diverse perspectives and valuable advice to the FRC in dealing with regulatory and other matters for the benefit of public interest.”

Joe Pickard posted www.theaccountant-online.com

14 Apr 2021

Mid-sized businesses will be looking to more remote working, rather than office working once the pandemic is over, according to research from Grant Thornton UK with only 5% of the 603 mid-sized businesses surveyed reporting that full time office working will be the most effective for employees post-pandemic.

44% of the businesses believed that a shift towards more remote working will be most effective. 37% believe that a blended approach, with more time spent working remotely than in the office, will be best for their business, while 7% said that full time remote working will be best for them.

51% also anticipated that their office or workspace will need to be repurposed. 51% have increased their investment in well-being over the past year with 76% set to invest the same amount or more in employee wellbeing services over the next six months.

Joe Pickard posted www.theaccountant-online.com

14 Apr 2021

The trustees of the IFRS Foundation have appointed Bertrand Perrin as a member of the International Accounting Standards Board (Board).

He joins the Board from 1 July for an initial five-year term from his current position as director for accounting standards and special projects at Vivendi, a content, media and communications group headquartered in France. In this role, Perrin has managed the implementation of various IFRS Standards, integrated new businesses acquired and led the co-ordination of group-wide financial reporting aspects.

The Board comprises members from varied professional and geographical backgrounds. Perrin will fill one of the European seats, succeeding Françoise Flores, whose term ends in June.

Chair of the IFRS trustees Erkki Liikanen said: “On behalf of the Trustees, we look forward to welcoming Bertrand. His experience in applying IFRS Standards will provide helpful insight in our standard-setting work. I would also like to thank Françoise for the valuable contributions she has made to the Board’s work.”

Joe Pickard posted www.theaccountant-online.com

12 Apr 2021

Howden Employee Benefits & Wellbeing will offer ICAEW member firms:

Access to a competitive private medical insurance scheme with preferential terms, including medical history disregarded (MHD) so that pre-existing conditions may be covered, available even from just one employee

-Up to 10% discount on existing group private medical insurance cover, including virtual GP and emotional support from a RedArc nurse

-Life assurance and Income protection insurance with preferential and competitive terms and a guaranteed rate for three years

-Specialist advice to ensure good scheme governance for workplace pensions that helps deliver best member outcomes
-Access to specialist services for key areas such as mental health and financial wellbeing

-Specialist key person insurance and business protection

-Market leading flexible benefits technology so employees can choose the benefits that best suit their individual needs

-Branded benefit communications to boost employee engagement and increase employees’ awareness of the benefits offered

Joe Pickard posted 12 April www.theaccountant-online.com

14 Apr 2021

London’s financial services industry has returned to hiring growth, according Morgan McKinley’s Quarterly London Employment Monitor.

Morgan McKinley UK managing director Hakan Enver said: “Our regulatory environment, like the Financial Conduct Authority’s sandbox scheme, and the government implementing fresh measures such as the Fintech fast-track visa scheme to support the sector, has meant that London continues to be recognised as a global financial centre and that businesses want to conduct business here. Our financial services sector has remained resilient and provided stability amid considerable economic uncertainty. This should translate into a boost to the economy and headcount in several growth sectors. The City is on par for a good recovery over the year, mirroring jobs available in 2018 with the easing of lockdown restrictions and shops reopening.”

Joe Pickard posted www.theaccountant-online.com

14 Apr 2021

Blick Rothenberg partner David Hough said, “Via the British Business Bank (BBB) the Government permitted a number of unregulated lenders to participate in these schemes ‘with the Government providing an 80% taxpayer backed guarantee. The collapse of Greensill Capital brings the taxpayer’s exposure to these loans into stark focus.”

“Unfortunately, there will continue to businesses that have drawn CLBILS and CBILS loans that default due to the continuing impact of the pandemic at the expense of the taxpayer. However, had the BBB not permitted certain unregulated lenders to participate then many companies would never have received the support they needed. Regulated banks were often slow to offer loans through the schemes, particularly outside their existing client base, which would have left many businesses with nowhere to go. Therefore, allowing other lenders to offer alternative finance was a necessary move by the Treasury at that time.”

Joe Pickard posted www.theaccountant-online.com