LSBF Blog - Global Matters

IASB consults on IFRS 9 interim measures

September 28 ,2015 | by Hari Sri

The International Accounting Standards Board (IASB) is going to consult on measures that need to temporarily be put into place to cover issues in the insurance industry surrounding the introduction of IFRS 9 Financial Instruments.

The new insurance contracts standard will involve significant changes, and the independent standard-setting body of the IFRS Foundation will provide a transparent process in the run up to its application in regard to the new financial instruments standard.

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Earning gap between female graduates and non-graduates is over three times, shows report

September 28 ,2015 | by Erin O’Neill

A new academic report has found that women who graduate with a degree earn three times as much as those who do not.

According to researchers at the think tank Institute for Fiscal Studies, in association with Cambridge and Harvard universities, there is a £13,200 graduate premium for yearly wages.

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HMRC outlines how businesses can reimburse electric car usage by employees

September 28 ,2015 | by Claire Payne

HM Revenue and Customs has set out how a business can reimburse employees for costs incurred by using electric cars for work purposes.

Previously, HMRC’s failure to recognise electricity as a type of fuel has been used by some companies as a reason for not making more use of the eco-friendly vehicles in their fleets. 

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Moral courage to drive value needed in boardroom, says accountants group

September 27 ,2015 | by Hari Sri

Corporate boardrooms must use "moral courage" to drive forward value, according to a global group of accountants.

The group, Chartered Accountants Worldwide, believes that the prevalence of social media and the overall culture of the digital age mean that there is now a direct link between value creation and ethics.

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Businesses lose over £200bn to cyber attacks a year globally, reveals study

September 26 ,2015 | by Helen Gould

Cyber attacks have cost businesses across the world more than £200 billion over the past year, according to new research from Grant Thornton International Ltd.

The Grant Thornton International Business Report (IBR) surveyed 2,500 business leaders in 35 countries and found that in excess of one in every six businesses fell victim to a cyber attack in the past 12 months.

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Steep rise for UK deficit follows fall in tax receipts

September 25 ,2015 | by Thiago Kiwi

Income tax receipts have unexpectedly fallen, and as a result, Britain’s deficit has risen to

£12.1bn in August. The figure represents the largest shortfall in government funding since 2012.

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5 steps to securing your dream career

September 24 ,2015 | by Claire Payne

Whether they’re studying at university or obtaining practical experience at a company, there are a lot of people working towards chasing their dream careers today. There are also many people who may not be so sure of what they have to do to get there.

Once upon a time, all you needed to do to achieve your career aspirations was demonstrate a keen interest in your chosen industry. Times have changed a lot since then, but ambition hasn’t faded. That means that achieving your goals now requires a lot more effort and a much more colourful CV.

Are you looking to enter a new career? If you’re at a loss as to what to do next, here are the five steps you should take towards securing your dream job.

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Tax avoidance crackdown nets £1bn for HMRC

September 24 ,2015 | by Hari Sri

The continued efforts by HMRC to clamp down on tax avoidance have seen definite results, according to a new announcement from Treasury Secretary David Gauke.

Under new rules introduced last year regarding accelerated payments, some avoidance scheme users have been hit by having to pay disputed tax up front.

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Oil and commodity prices cause 2% FTSE 100 fall

September 24 ,2015 | by Hari Sri

Yesterday, commodity prices declined and caused a 2% drop in morning trade on the UK market.

This meant the benchmark FTSE 100 fell below the 6,000 level, with mining shares leading the fall after commodity prices continued their downward trend.

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New EU accounting standard a challenge for banking industry, says ECB chief

September 23 ,2015 | by Thiago Kiwi

Daniele Nouy, the European Central Bank's supervisory chief, has said that the introduction of a new accounting standard for financial instruments will present a challenge for the banking industry.

The chair of the Supervisory Board of the European Central Bank said modelling for expected losses will be particularly affected.

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Deloitte reports strong growth with revenues of $35.2 billion

September 23 ,2015 | by Hari Sri

Deloitte reported aggregate revenues amounting to $35.2 billion in its most recent figures.

The new figures, covering the fiscal year ended 31 May 2015, were announced alongside the company's Annual Global Report, which also showed growth across the Big 4 firm's core practices, industry sectors and geographic regions.

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Chief economist says BoE may cut rate before any increase

September 22 ,2015 | by Hari Sri

According to its chief economist Andy Haldane, The Bank of England's next move may well be to cut rates rather than raise them as has been widely expected.

The surprise turnaround would be due to the increased risk of deflation if the UK economy does not pick up in the second half of this year.

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UK updates laws governing consumer rights

September 22 ,2015 | by Claire Payne

New laws governing how businesses in the UK operate will come into effect on 1st October 2015 as part of the Consumer Rights Act 2015.

Returns and complaints policies, staff training and terms and conditions all come under the spotlight of the new regulations.

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PwC and Sage announce new alliance to boost SME ties

September 22 ,2015 | by Thiago Kiwi

Software giant Sage and Big 4 firm PwC have announced a new collaboration aimed at pushing forward global SME connections and growing UK activities.

The accounting software company and Big 4 firm are rolling out the new project in the UK before extending it across their international operations.

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US tax law firm Burt, Staples & Maner LLP merges with E&Y

September 21 ,2015 | by Thiago Kiwi

Ernst & Young (E&Y) has merged with tax law firm Burt, Staples & Maner LLP in a move that sees the Big 4 firm expanding its international tax practice.

The law firm, based in Washington, DC, specialises in information reporting and withholding (IRW) and will be working closely with E&Y's worldwide network on international corporate tax reporting issues.

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£140bn added to UK economy by robots, says Deloitte

September 21 ,2015 | by Erin O’Neill

A new analysis of ONS labour force data by Deloitte has dug deep into the stats involving the effects of automation on the UK economy.

The new study found that in the last 15 years, jobs in sectors such as technology, high-tech manufacturing, and financial and professional services have lost 800,000 jobs to automated process or machines.

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LSBF survey finds nearly 50% of UK workers want to change careers

September 18 ,2015 | by LSBF Blog Staff

Nearly half of the UK work force is looking for a career change, a new report produced by London School of Business and Finance (LSBF) suggests.

The study found that 47% of respondents wanted to change careers, though many were unsure when they would go ahead with it. Of those who did have a concrete plan, most were thinking of leaving their current roles in two years or earlier. 

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New financial reporting standard will lead to fundamental change, says IASB chief

September 18 ,2015 | by Hari Sri

The chairman of the International Accounting Standards Board, Hans Hoogervorst, has said the new IFRS 9 standard will give investors better insight on loan loss risks.

The IASB is the independent standard-setting body of the IFRS Foundation, which works with investors, analysts, regulators and others in the global accountancy sector.

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Oil price too volatile to predict, claims Shell boss

September 18 ,2015 | by Thiago Kiwi

Ben van Beurden, chief executive of Royal Dutch Shell, has admitted that he hasn't a clue what will happen to oil prices in the coming months.

When posed the question by the BBC, Van Beurden replied: "The honest answer to that is I don't know."

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UK public sector employment falls to lowest levels in second quarter

September 18 ,2015 | by Erin O’Neill

New statistics show that the public sector of the UK now only has 5.4 million workers, meaning it is at the lowest levels since records began in 1999.

The Department for Work and Pensions said the labour market figures saw a decrease of 16,000 in the second quarter, and overall public sector employment was down 59,000 over the last 12 months.

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Ernst & Young registers best growth for seven years

September 17 ,2015 | by Hari Sri

Ernst & Young (E&Y) has released figures that reveal the best growth for the company since 2008.

With a strong performance across the width of its business and on a global scale, the UK's Big 4 accountancy giant saw revenues grow by 11.6% to a total of £18.6bn.

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UK inflation falls back to zero per cent

September 17 ,2015 | by Thiago Kiwi

With a Bank of England target of around 2% once again being missed, the latest figures show that the UK economy's inflation level has fallen back down to zero.

Sharp falls in both petrol and diesel prices played a major role, although they were not the only significant factors.

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UK businesses worried about talent pool shortage, reveals survey

September 17 ,2015 | by Erin O’Neill

A new survey conducted over the summer found that UK financial directors are more worried about the negative effects of a skill shortage than anything else.

China's economic slowdown and the possible of a 'Brexit' from the EU were seen as less of a threat to growth than the condition of the UK talent pool.

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PwC announces record £3.1bn revenues in annual report

September 16 ,2015 | by Hari Sri

Big 4 firm PwC has highlighted the contribution it makes to the UK economy in the company's annual report.

The professional services firm has claimed a £4.2bn input to the wider economy alongside £1.1bn in payments it made directly to the exchequer last year.

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Relief for SMEs at proposed VATMOSS threshold

September 16 ,2015 | by Hari Sri

SMEs and sole traders look likely to benefit from proposals to introduce a threshold for compliance with VAT Mini One Stop Shop (VATMOSS) regulations.

Small businesses trading e-services across the EU are currently obliged to charge VAT at the native rates of their customers living in the 28-strong membership, which has meant added workloads operating with several different rates.

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