Technical Update: “The European Book of Jargon”

An interesting publication came to the attention of one of our committee members recently entitled the “The European Book of Jargon”.

The book is produced by Latham & Watkins LLP and in their introduction to the book they state:

The following is a link to the publication, which can also be downloaded as an iPhone, iPad and iPad Touch application.

We hope you enjoy it.
The Technical sub committee

This members’ update is for general information only and should not be regarded ...

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EACT – Comment Letter to IASB on Hedge Accounting

In response to the request for comment, the European Association of Corporate Treasurers (EACT) has submitted a letter to the International Accounting Standards Board (IASB) in respect of their proposal to overhaul the accounting rules in relation to hedge accounting.

While supportive of the IASB’s endeavours and aims, the comment letter does make a number of points from its membership where it considers that the proposals may not go far enough.

These include:

  • The need for the flexibility to de-designate hedges to be ...
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Technical Update: Accounting

Hedge accounting: practical implications of the IASB’s proposals

The International Accounting Standards Board (IASB) has issued an exposure draft that proposes to overhaul the current requirements for hedge accounting under IFRS. The proposals address general hedging of financial and non-financial items and relaxes many of the onerous requirements of the existing rules that prohibited economically sensible risk management practices from achieving hedge accounting. The key provisions include

  • The replacement of quantitative calculations (the 80% to 125% test) with a requirement for the ...
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Technical Update: Tax

Changes to the rules on getting an Irish tax deduction for interest payments

What has happened?
Amid the somewhat chaotic passing of the Finance Act in January 2011, treasurers may have missed a provision that could have significant consequences for the tax deductibility of intra-group interest payments.

When income tax was introduced to Ireland in 1853 one of the main deductions was for interest on borrowings. Originally, all interest payments made by a person or a company were tax deductible. Older readers ...

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