In May 2014, the IASB (International Accounting Standards Board) and the FASB (Federal Accounting Standards Board) published a joint standard on revenue from contracts with customers. Having a fully converged standard in an area of accounting that affects virtually every company is in itself a major achievement. For other major joint projects, however, it appears that full convergence will not be achieved – e.g. with respect to loan loss impairment, insurance contracts and, as it currently stands, leases.
Its name is ELTIF or European Long Term Investment Fund.
Its purpose is to boost European long-term investments in the real economy, especially infrastructure.
It will come into effect 6 months after the publication in the EU Official Journal, expected for the beginning of the year.
Why is it an innovative product? What are its main characteristics? What are the market opportunities?
The world in which we live and work is changing rapidly and it’s sometimes difficult to spot the trends that will shape the coming years. We have been tracking these trends and considering the potential implications for the real estate industry. Here’s what we’ll be watching in 2015:
It would be no overstatement to say that I was delighted to be asked along for a first in the history of the PE industry: the “Women in Private Equity Forum” held in London late 2014. The conference brought together female leaders in the private equity and alternative assets community – including LPs, GPs and consultants – from across the globe. The event sought to challenge and debate issues facing the industry, covering topics as diverse as regulation, diversity, work/life balance and board contribution.
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For the Christmas season, we have the pleasure of putting our signature – not to an audit opinion – but rather to a thanks and a hope. To inject a bit of magic into Christmas, we’ve reimagined our new home on Kirchberg-Luxembourg as a magical greeting for the holiday season. We hope you’ll accept this as our thanks to you – blog readers, clients, staff, acquaintances and friends – for your help, support or mere curiosity over the past twelve months.
The era when a company could use a mere letterbox are about to become a legend.
“Substance over form”
This principle is well-known to accountants and is gaining momentum among tax experts. The increasing importance of economic substance is a logical consequence of various actions undertaken by national or supra-national bodies, such as the OECD’s recommendations on transparency and substance, transfer pricing regulations and base erosion and profit shifting (BEPS) action plans.
From 2018, IAS 39 will be history and IFRS 9 can no longer be a mystery as a variety of financial statement preparers may find themselves affected by the changes.
Investment funds who unduly suffered withholding taxes on French sourced dividend payments will, by the end of this year, see the period for which they can claim a refund reduced to two years. As a consequence, it is time to protect your rights by filing a protective claim prior to the year end.