The New Revolution in Tax Transparency (EU)

European Union finance ministers have agreed on a proposal which requires governments to share information on tax rulings, in an effort to curb aggressive corporate tax planning by multinationals. It will require member states to automatically exchange information on cross-border tax rulings in addition to advance pricing arrangements. The rule will also apply to all

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PwC is Biggest Global Firm After 10% YoY Growth

PwC reported total global gross revenue of $35.4 billion for FY2015, this was a rise of 10 per cent over the previous year. Helped by its acquisition of Booz & Co (Now rebranded to Strategy &), PwC revenue “scraped” by Deloitte to take the title as the largest of the Big 4 accounting firms by

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Grant Thornton Fined $365,000 For Auditor Independence Violations

The Securities and Exchange Commission (SEC) charged Grant Thornton India LLP and Australia-based Grant Thornton Audit Pty Limited with auditor independence violations that occurred when two Grant Thornton Mauritius partners served on the boards of Mauritius-based subsidiaries of companies that were Grant Thornton audit clients and performed non-audit services prohibited under the SEC’s auditor independence

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Bill Gates Sues Petrobras And PwC Over Corruption Scandal

The Bill & Melinda Gates Foundation Trust filed a lawsuit last week in New York against Petrobras and its auditor, PricewaterhouseCoopers (PwC). The Gates Foundation is seeking “unspecified damages” related to the Trust’s investment in Petrobras, the Brazilian government-run company where a massive money laundering case was first exposed about a year ago and continues

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SEC Charges Five, Including An Accountant With Insider Trading

The Securities and Exchange Commission has charged five Florida residents – including two lawyers and an accountant – with insider trading in advance of the acquisition of Pharmasset Inc. by Gilead Sciences Inc. In a complaint filed in federal court in Newark, New Jersey, the SEC alleged that attorneys Robert L. Spallina and Donald R. Tescher

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Aggressive Tax Avoidance Leads To Real Reputational Harm

Senior accountancy professionals believe boardrooms must drive ethical culture, according to a report from Chartered Accountants Worldwide. Businesses must embrace a culture of moral courage and this should have its roots in the boardroom, according to the latest report from Chartered Accountants Worldwide (CAW). The international body’s report – Critical Success Factors for Tomorrow’s Business

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IASB Considers Temporary Deferral of IFRS 9 For Insurance Companies

The London-based International Accounting Standards Board (IASB), decided on Wednesday to consult on temporary fixes to shield insurers from the loan-loss rules which are aimed mainly at forcing banks to recognise losses on loans earlier. Since it became obvious earlier this year that the effective date of IFRS 4, Insurance Contracts could not be aligned

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Why Didnt KPMG Spot The Corruption At FIFA

KPMG International is currently reviewing the work carried out by its Swiss affiliate for FIFA the international governing body of football. FIFA has been at the centre of a corruption crisis following the indictment of 14 senior executives by the US authorities earlier this year on charges of bribery and racketeering. The official word from

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