Accounting and Audit

The Hungarian Trust Law – An Anglo-Saxon Legal Institution in Civil Law Environment

The new Hungarian Civil Code (Act No. V of 2013) came into effect on 15th of March 2014. The Civil Code regulates the fiduciary asset management contract, a very similar legal institution to the Anglo-Saxon trust. The concept of the Hungarian trust was drawn up on the basis of the model of the trust in… Read More

Innovative Solutions To Circumvent Burdensome SPLA Requirements

Many online service providers are well aware that Microsoft’s Services Provider License Agreement (SPLA) entails a licensing framework that can be difficult to manage. SPLA may be a great model for businesses seeking to “float” their license expenditures from month to month based on usage. However, what Microsoft considers “usage” and what most companies and… Read More

Does it feel better to know for certain that you are a tax audit target?

Law Firms and Accountancy Practices using Discretionary Trusts In September 2014 the Tax Commissioner released a document headed “Assessing the risk: allocation of profits within professional firms.” In broad terms, the Commissioner is very unhappy that professional firms can use trusts and other structures so that less tax is paid than if the relevant profits… Read More

Knowing Where The Liabilities Are Buried: Issues For The Public Sector Implementing Accounting Standard PS 3260

With the requirements of the Public Sector Accounting Board’s “Accounting Standard on Liability for Contaminated Sites” (PS 3260) applying to the 2014-2015 fiscal year, public sector entities (federal, provincial and municipal governments, universities, schools and hospitals) may find themselves scrambling to meet their obligations to identify, report and account for long forgotten buried liabilities. Under… Read More

Tesco’s Accounting Scandal a Lesson for All Public Companies

Britain’s biggest retailer faces a crisis situation two weeks after announcing that it overstated its first-half profit expectations by some £250-million. Tesco PLC, the multinational grocery and retail giant headquartered in England, reported on September 22, 2014 that its August 29 profit warning should have forecasted trading profit totalling £850-million, rather than the £1.1-billion that the… Read More

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