The latest issue of the EACT newsletter contains a number of interesting bitesize articles providing topical   insights and support for treasurers as they navigate this  challenging period...

Journeys to Treasury: Protecting Employees, Protecting the Business
As individuals and companies, we find ourselves in unprecedented circumstances that few, if any, could have foreseen. Business continuity plans have been triggered worldwide, but many of these plans did not anticipate the global reach of COVID-19, or the personal anxieties that we would all face. Read article

Journeys to Treasury: Defence Against Fraud and Cyberattack
At a time of degraded operations and personal anxiety, organisations and individuals are at their most vulnerable, so how can treasurers protect their financial and data assets, and shield their employees, at such a challenging time? Read article

Journeys to Treasury: Managing Liquidity at a Time of Crisis
Treasurers have stepped up to help restore certainty and confidence in their organisations, and position their organisations for a ‘new normal’ ahead. Taking rapid steps to maintain liquidity across the business has been central to these efforts. Read article

EACT: Covid-19 Resource Centre
The Covid-19 pandemic is confronting all of us with new challenges. To help navigate some of the uncertainty, we have created a dedicated resource centre that takes you through some of the policy and regulatory measures that have been adopted or are being discussed at EU and international level. Read article

As we came to the end of January, the global outlook looked very promising. We had finally moved into the transition period with confirmation that the UK would formally leave the EU on 31st January 2020, the global economic slowdown had appeared to bottom out and Central Banks were on track to hold rates stable for the most part of 2020. Early 2020 tensions in Iran had subsided and progress was being made in the US-China trade talks. By the end of January, however, the number of victims infected with COVID-19 in China had surpassed 10,000 and the world was beginning to sit up and take note as this pandemic was in early session.

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The International Accounting Standards Board (IASB) has proposed amendments to a number of IFRS and IAS reporting standards in the context of the ongoing transition from interest rate benchmarks to risk free rates. 

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View the latest update from the European Association of Corporate Treasurers (EACT) re:

1. EACT RELEVANT CONSULTATIONS
2. COVID-19 DEVELOPMENTS
3. All relevant issues

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On 22 December 2019, Finance Bill 2019 was signed into law by the President. Below is a brief overview of some of the key changes being introduced into Irish law on foot of this of relevance for corporate treasurers, namely:

1. Introduction of hybrid mismatch rules;

2. Updates to Irish transfer pricing rules;

3. Transposition of EU Mandatory Disclosure rules into Irish law; and

4. Other technical amendments of note;

a. Amendments to the section 110 securitisation regime;

b. Codifying existing practice relating to the tax treatment of stock borrowing and repurchase arrangements;

c. Clarifying the tax treatment of impairment losses on foot of the introduction of IFRS9

In addition to the above, other recent tax developments of note to corporate treasurers include:

1. Future changes to Irish interest deductibility rules;

2. OECD proposals for a global minimum tax rate

The latest EACT newsletter is attached below.

The financial statements for last year have been circulated to members in the past few days.