Mar 06, 2018
Companies face being "overwhelmed" with the requirements of the new IFRS 16 accounting standard unless they launch their preparation strategies now, industry experts have warned. The new standard, IFRS 16 – Leases, was issued by the International Accounting Standards Board (IASB) in 2016 and will become effective in less than a year, on January 1, 2019. The new rules require most operating leases to be recorded on balance sheets, whereas previously only finance leases were recognized. Duff & Phelps, the global valuation and corporate finance advisor, says that for several industries, such as retail, real estate, airline, transport and energy, this could well become one of the most material items on their balance sheets, with a large-scale impact on earnings before interest, taxes, depreciation and amortization (EBITDA).
Nov 10, 2017
While business leaders in the UK and Europe have stressed the importance of a smooth Brexit transition to protect the economies of both sides, there are signs that negotiators are struggling to find common ground on key issues. As the Brexit deadline of March 28, 2019 approaches, this special report looks in detail at progress from both sides of the negotiating table.
Mar 14, 2018
UK Chancellor of the Exchequer Philip Hammond presented his Spring Statement on economic and fiscal matters on March 13. As suggested previously, there were no immediate tax changes at this time. The government has now moved back to a single main annual Budget statement to be made in November each year, comprising firm changes in taxation (mainly to take effect from the following April) as well as public expenditure plans. The Spring Statement, however, includes some new longer-term consultative tax proposals alongside updates of the official economic forecasts.