Archive for: December, 2011

Fray Bentos Brand Sold to Baxters to Remedy Merger Concerns

Fray Bentos Brand Sold to Baxters to Remedy Merger Concerns

The OFT has accepted undertakings offered by Princes Limited (Princes) to address the competition concerns arising from its completed acquisition of the canning business of Premier Foods Group Limited (Premier). As a result, the merger will not be referred to the Competition Commission. Under the terms of the undertakings, the Fray Bentos brand and its [...]

Career Growth, Salary, Paid Time-Off Most Attractive to Talents in CPA Firms, Survey Shows

Career Growth, Salary, Paid Time-Off Most Attractive to Talents in CPA Firms, Survey Shows

Career growth opportunities, salary and paid time-off are the key elements in attracting and retaining the best and brightest young CPAs, according the American Institute of Certified Public Accountants’ 2011 Top Talent Study. The survey notes that firms should not overlook the importance of an accessible management style and a comfortable office environment. The 2011 [...]

ASB and EFRAG Issue a Discussion Paper

ASB and EFRAG Issue a Discussion Paper

The Accounting Standards Board (ASB) of the FRC and the European Financial Reporting Advisory Group (EFRAG) have published a paper in order to solicit views on how the financial reporting of income tax could be improved. Tax is an important expense for most companies, and transparent and complete financial reporting is complex because the tax [...]

New Version of Statutory Money Purchase Illustration Rules Published

The FRC’s Board for Actuarial Standards (BAS) has published a new version (2.0) of Technical Memorandum (TM1): Statutory Money Purchase Illustrations. TM1 sets out the assumptions to be used in statutory money purchase illustrations (SMPIs). The changes to TM1, which follow extensive consultation, include restructuring TM1 to make the document shorter and easier to follow [...]

Roundtable to Solicit Input on Proposal to Improve Accounting for Investment Companies, Investment Property Entities

The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have announced they will host a series of public roundtable meetings—including one in the United States—to discuss their proposals to improve and converge financial reporting by setting forth consistent criteria for determining whether an entity is an investment company. The U.S. roundtable [...]

AICPA Joins International Accounting Bodies at Accounting for Sustainability Forum

The American Institute of CPAs was among the international accounting bodies represented at the Accounting for Sustainability Forum in London earlier this month. His Royal Highness The Prince of Wales addressed the Forum with remarks on the economic invisibility of nature. His speech asked attendees to consider how the value of natural resources can be [...]

AICPA Unveils Interactive Checklists to Ease Tax Preparation

Tax professionals have always looked to the American Institute of Certified Public Accountants’ Tax Practice Guides and Checklists as an essential tool for ensuring high quality standards in the preparation of clients’ returns. This season, however, the package has become even more valuable with the introduction of Interactive Tax Checklists that save time and boost [...]

Magyar Telekom, Former Executives Charged with Bribing Officials

Magyar Telekom, Former Executives Charged with Bribing Officials

The Securities and Exchange Commission has charged the largest telecommunications provider in Hungary and three of its former top executives with bribing government and political party officials in Macedonia and Montenegro to win business and shut out competition in the telecommunications industry. The SEC alleges that three senior executives at Magyar Telekom Plc. orchestrated, approved, [...]

FASB Defers Certain Aspects of Comprehensive Income Accounting Standards Update

FASB Defers Certain Aspects of Comprehensive Income Accounting Standards Update

The Financial Accounting Standards Board (FASB) has issued Accounting Standards Update No. 2011-12, Comprehensive Income (Topic 220): Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05. The Update defers the specific requirement to present items that are reclassified [...]

Gloomy 2012 Awaits Retailers Despite Olympics, Inflation Boosts

Gloomy 2012 Awaits Retailers Despite Olympics, Inflation Boosts

The New Year will fail to bring a rosier outlook for the UK’s struggling retailers, according to the KPMG/Synovate Retail Think Tank (RTT). Even the London Olympics, the Queen’s Diamond Jubilee celebrations and a falling inflation rate are unlikely to provide much respite for those hardest hit. When considering the prospects for 2012, the RTT [...]

Pub, Restaurant Groups See Continued Sales Hike

Pub, Restaurant Groups See Continued Sales Hike

Britain’s leading pub and restaurant groups saw sales continue to grow in November, while collective like-for-like sales were up 2.1% on the same month last year, with total sales, which include the effect of new openings, ahead 6.2% on November 2010. It is the sixth month running that the eating and drinking-out-of-home market has seen [...]

Social Media Rules of Engagement to Change in 2012

Social Media Rules of Engagement to Change in 2012

In the wake of research suggesting British businesses lag behind their counterparts in the emerging markets when it comes to adopting and using social media, Mark Guinibert, Customer & Channel Partner at KPMG, has outlined 3 key changes he believes UK organisations must adopt, if they are to boost performance in 2012. Focusing on the [...]

Greater China Leads Global IPO

Greater China Leads Global IPO

After a promising start in the first two quarters, global IPO activity dropped dramatically midway through the year, principally due to investors’ concerns about sovereign debt issues in Europe and Standard & Poor’s downgrade of US credit rating. Capital raised for the first 11 months globally totalled US$155.8b. The value of IPOs by year-end 2011 [...]

UK Tour Operators Face ‘Make or Break’ 2012, Says KPMG

UK Tour Operators Face ‘Make or Break’ 2012, Says KPMG

A number of UK travel companies and tour operators will struggle to survive in 2012 unless they radically change their business models and adapt to a fundamentally new market environment, says advisory firm KPMG. The phenomenal rise of low cost carriers, online travel booking and the challenging economic backdrop, combined with fuel and Air Passenger [...]

Businesses Warned Against ‘Friendly Caller’ This Christmas

Businesses Warned Against ‘Friendly Caller’ This Christmas

With professional criminals accounting for 74% of fraud against commercial business during the first half of 2011 according to KPMG’s Fraud Barometer, the firm advises extra vigilance and pre-emptive measures over Christmas and the New Year as skeleton staff levels can leave companies exposed to organised criminals. As businesses look to cover staff absence, many [...]

Insurers to Return to ‘Underwriting Disciplines’ Next Year – KPMG

Insurers to Return to ‘Underwriting Disciplines’ Next Year – KPMG

The coming year will see a return to underwriting disciplines for general insurers as their financial performance comes under greater scrutiny and they face increased regulatory interest, a KPMG official said. “2011 could be defined as a solid year. Non-life insurers were beset by overseas catastrophes, yet met their commitments. Elsewhere some enjoyed a gradual [...]

Point of No Return for UK Banks

Point of No Return for UK Banks

The face of banking in United Kingdom has “fundamentally changed”, paving the way for the need for them “to wake up on living wills,” according to KPMG UK. Jon Pain, UK head of financial services risk consulting at KPMG, said: “The green light has been given for the main proposals of the ICB to be [...]

KPMG, NAPC Join Hands to Provide Governance Guidance for GPs

KPMG, NAPC Join Hands to Provide Governance Guidance for GPs

As GPs grapple with the abolition of primary care trusts and creation of Clinical Commissioning Groups in April 2013, KPMG and the National Association of Primary Care (NAPC) are publishing the first in a series of guides, designed to support doctors as they seek authorisation from the NHS Commissioning Board. “Through their Clinical Commissioning Groups, [...]

Caught in the Cash Trap

Caught in the Cash Trap

A financial stepping stone is needed by so many people today, for that carryover between paydays. Fortunately there is a solution, which will take about two minutes of your time to complete. The answer for you could be and online cash advance, which could provide you with temporary finance up to about $1500. Generally, there [...]

IPPF Oversight Council Reports on First Year

IPPF Oversight Council Reports on First Year

The IPPF Oversight Council has released its first annual report, which outlines the group’s origins, mission, operations, processes, initial accomplishments and milestones, and future areas of focus. The IPPF is an independent governing body established to oversee the Institute of Internal Auditors’ (IIA’s) processes for developing the International Professional Practices Framework (IPPF), which comprises global [...]