July 16th, 2009
The IASB has issued a two page plus new accounting standard for small and medium sized enterprises. As
Accountancy says:
The international standard-setter has today published its long-awaited International Financial Reporting Standard for SMEs after five years of consultation on the standards.
The International Accounting Standards Board aimed to produce a standard which is less complex than full IFRS and which would improve comparability for SME users of accounts, who comprise 95% of businesses.
Commenting on the standard, IASB chairman Sir David Tweedie said: ‘For the first time,...
July 10th, 2009
The
FT has reported:
UBS shares outperformed the Swiss market strongly on Thursday as investors digested the latest twist in the battle of wills between the US and Switzerland over bank secrecy.
The Miami judge presiding over a crucial court hearing next Monday has called on the US authorities to specify how far they would go to force the Swiss bank to comply, should the court rule in their favour.
Alan Gold, the US district judge presiding over the case, late on Wednesday gave the US...
June 30th, 2009
The good news about the
government's new Tax Code of Conduct is that it exists. It would be churlish not to recognise that.
But, that said, it really does not go far enough. In keeping with the government’s lack of willing to tackle the banking industry it tackles the issue and then fails to address it.
The
issue is that:
The Government believes that, in the light of the significant taxpayer support provided to stabilise the banking system, taxpayers are entitled to expect that banks, important taxpayers in their...
June 29th, 2009
This is the
Tax Code of Conduct for Banks on which the government is now consulting:
OVERVIEW
1. The Government expects that banking groups, their subsidiaries, and their branches operating in the UK, will comply with the spirit, as well as the letter, of tax law, discerning and following the intentions of Parliament.
1.1 This means that banks should:
• adopt adequate governance to control the types of transactions they enter into;
• not undertake tax...
