Accounting & Business
Accountancy news: Accounting & Business
Off-balance sheet and off track
Tougher action against off-balance sheet accounting practices, global regulation of financial markets and permanent restrictions on short selling may all be long-term outcomes of the global financial meltdown.
Leaders of the leading industrial countries appear to have reached a consensus that light touch regulation of the financial sector is unsustainable. Governments in [...]
News despatch: Accounting & Business
Liechtenstein concedes in tax battle
Liechtenstein has yielded to international pressure, agreeing to share financial information on non-residents who bank in the principality. Prince Alois - the permanent representative of his father, the head of state - said Liechtenstein’s new approach reflected an international mood towards mutual assistance on tax.
“In the future, we should offer [...]
Accountancy news: Accounting & Business
Accounting & Business - News analysis
EU takes action on auditor liability
The European Commission has proposed limits on auditors’ liability to protect the Big Four from further reductions in numbers, threatening the viability of a competitive market for company audits. It hopes the move will also strengthen mid-tier audit firms, enabling them to compete better [...]
Letter from Ireland: Accounting & Business
Letter from Ireland
by Paul Gosling
A trickle threatens to become a flood. Shire Pharmaceuticals made news in April as the first FTSE 100 company to move its tax residency to Dublin – jumping out of Britain’s 28% corporation tax net, into Ireland’s more hospitable 12.5% tax rate. Shire was persuaded not just by the headline CT [...]
Accounting news: Accounting & Business
Accounting & Business June 2008
News Despatch
FRC repeats warning of a Big Four collapse
A collapse of a Big Four firm remains the biggest risk to the effective functioning of the audit market, the UK’s Financial Reporting Council has warned.
As part of the ongoing implementation of recommendations from the Market Participants’ Group to improve audit [...]
