Articles and Publications

HLB International Appoints New Member in the Channel Islands

on Friday, 18th December, 2015. Posted in Articles and Publications

HLB International, one of the leading global accountancy networks with presence in 130 countries, has recently signed a new principal member in The Channel Islands – PraxisIFM.

Established in 1972, with assets under administration exceeding $42 billion, PraxisIFM is an independent, owner-managed, group of companies providing a wide range of bespoke professional services to private individuals, families and international corporate clients.

With a focus on private client services, fund administration, corporate and trade services including cross-border facilitation, asset finance, pensions and treasury operations, its global footprint is producing local synergies with other members in the HLB International network.

“We are delighted to be joining HLB International and see this as an excellent opportunity to develop and grow our business further”, said Brian Morris, Executive Chairman PraxisIFM Group. “We are excited about the significant benefits and additional opportunities available to our clients as we expand globally by being members of HLB International.”

Rob Tautges, HLB International’s Chief Executive commented: “We are very pleased to welcome PraxisIFM to the network. This significant appointment enhances the quality of services and expertise offered by our member firms. It is especially important as HLB strives to build on its successful development of new business opportunities, including international referrals.”

PraxisIFM is headquartered in the Channel Islands and has offices in South Africa, plus seven other locations. The Group has over 250 staff sharing the same passion and commitment to providing a high quality service.

More information on PraxisIFM:

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U.S. Must Adopt IFRS or Lose Influence Over Global Rules

on Friday, 17th January, 2014. Posted in Articles and Publications

In an interview posted by the Journal of Accountancy, the chairman of the International Accounting Standards Board (IASB) sent a clear message to the U.S. that failure to adopt International Financial Reporting Standards (IFRS) my result in losing any influence over global financial rules. IASB Chairman Sir David Tweedie indicated that the U.S. had significant influence on the creation of accounting rules, despite not using the rules domestically. He believes that the U.S. influence on standard setting could diminish if the U.S. chooses not to adopt the global set of rules.

The U.S. continues to evaluate whether or not to adopt the global set of accounting standards and as of yet has not made a decision. The SEC is still reviewing the impact on both international and domestic markets while the Financial Accounting Standards Board is attempting to find agreement between the global standards and U.S. GAAP (Generally Accepted Accounting Principles).

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Uncertainty Surrounds Adoption of Global Accounting Rules

on Friday, 17th January, 2014. Posted in Articles and Publications

A leading board member for the International Accounting Standards Board recently indicated that there is much uncertainty as to whether the US will adopt global accounting rules, which could jeopardize the IASB as a whole.

During the recent IASB trustee meeting, Padio Schioppa stated, “The aspiration of having global standards depends very much on the adoption of global standards by the United States and this is highly uncertain and may still give us a big disappointment in a year or so from now.”

The Financial Accounting Standards Board (FASB) is working to sync their accounting rules with those set forth by the IASB.  However, the two groups are struggling to come to an agreement on some of the key concepts their differing financial reporting guidelines.

Additionally, the SEC is considering the impact of adopting international standards and many US corporations object to the change due to the high cost of adopting a new set of standards and procedures.

For more information on International Financial Reporting Standards or other international accounting matters, contact Tom Breedlove.

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IFRS is Coming

on Friday, 17th January, 2014. Posted in Articles and Publications

Mandatory Phase-In Set in Motion

The SEC recently proposed a “roadmap” for phasing in mandatory International Financial Reporting Standards (IFRS) by U.S. public companies. The initial proposed mandate for this transition is scheduled to begin for certain filers for years ending on or after December 15, 2014. Does this mean the end of US GAAP, and what effect will this have on private companies?

No one at this point knows the answers to these critical questions. One thing is for certain: the transition from US GAAP to IFRS will be very costly and will require a tremendous amount of expertise in both areas, regardless of whether the company is a multinational publicly traded conglomerate or a privately held business.

Assuming that IFRS does in fact become GAAP for public companies in the future, it is logical that the same requirements, or a hybrid of the requirements, will follow for private companies. If so, every family-owned enterprise in America could potentially be affected by this transition.

Is this push for global uniform accounting standards going to be worth it considering the estimated time and costs involved to change, especially for family-owned enterprises? Only time will tell.

Tom Breedlove is the firm’s expert in International Financial Reporting Standards. This year Tom completed continuing professional education on this subject both abroad in Berlin, Germany and here in the United States. If you need any further details regarding IFRS, please contact Tom directly.

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IASB Proposes Changes to Liability Rule

on Friday, 17th January, 2014. Posted in Articles and Publications

In an effort to prevent banks from booking a profit and confusing investors after a ratings downgrade, the International Accounting Standards Board has proposed changing the way banks measure liabilities. Currently, a ratings downgrade pushes down the value of a liability priced at the going rate and the amount of the fall in value can be recorded as profit.

After extensive consultation, the IASB drafted a proposal to change the way this is done. The proposal is part of their overall revamping of fair value or mark to market rule which they hope to finalize and put into effect by the end of the year.

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HLB Italy Signs New Member Firms

on Friday, 17th January, 2014. Posted in Articles and Publications

HLB Consultants Italia, HLB International’s member firm federation for consultancy and tax advisory in Italy, is delighted to announce the appointment of Studio CD Tax and Law firm in the Abruzzo region of Italy.

Studio CD Tax and Law, based in Pescara is adding to HLB Italy’s current presences in Milan, Turin, Rimini, Venice, Olbia and Catania.

Andrea de Vecchi, managing partner at HLB Consultants Italia said: “We are very pleased with the new member firm addition. The firm has a strong reputation in its local market place and will add to the technical expertise of HLB Consultants Italia, in particular offering assistance in obtaining the reimbursement of taxes and VAT to the competent International Italian Tax Office Centre located in Pescara. HLB Consultants Italia is aiming to be represented in every important business region in Italy and this new member firm appointment will strengthen our presence across Italy.”

Studio CD Tax and Lawlocated on the Adriatic coast was founded 2003. The firm’s clients include major and international organisations from the corporate and financial sectors. Studio CD Tax and Lawfocuses primarily on taxation law, labour law and corporate law as well as on litigation and restructuring.

Established in November 2009 by Studio Associato de Vecchi, HLB Consultants Italia provides tax, accounting and consulting services. Through its members, HLB Consultants Italia is able to provide fully qualified professional services in northern, central and southern Italy.

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