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  • EY - Corporate governance: encouraging dialogue and participation - EY - United Kingdom
    guide Audit Quality Practice Aid for Audit Committees issued in May 2015 Key features of the EY tool include suggestions of the evidence indicators that audit committees could collate and review to make the assessment process robust and objective questions audit committees should address to make the assessment process efficient and effective the option to highlight text add comments strike out questions and write notes This allows users to customise the tool to reflect the particular circumstances of the company and its audit and annotate actions and or report on progress News worth knowing Corporate Governance update April 2015 Includes the UK s anti corruption plan a review of remuneration policy the FRC s 2015 16 plan and budget and the UK s implementation of the Transparency Directive Board effectiveness continuing the journey April 2015 The report is based on a series of individual meetings and roundtables which brought together leading chairmen board directors and senior investors to debate the issue of board effectiveness It draws on the contributions from these discussions and is supplemented by insights and perspectives from EY and The Investment Association The viability statement Finding opportunities in the new regulatory challenge March 2015 A thoughtful response to the 2014 Corporate Governance Code s new viability statement requirements could bring opportunities including enhanced business resilience a lower cost of capital better understanding of risk appetite and the potential for improved financial performance Our new thought leadership report The viability statement Finding opportunities in the new regulatory challenge highlights the opportunities for companies if they develop a thoughtful response to the changes whilst also meeting compliance obligations provides our views on some of the issues boards and management need to consider suggests actions companies should take to ensure they meet the new viability statement requirements in their 2015 ARAs Whistleblowing change is coming November 2014 The PCBS has published recommendations for enhancing corporate transparency governance and integrity Firms should consider their whistleblowing framework s effectiveness and whether their culture encourages employees to raise concerns News worth knowing Corporate governance update October 2014 Read the latest Corporate Governance update 496K October 2014 including biennial growth in the UK Corporate Governance Code closure on the going concern debate and revisions made to the Code on executive remuneration provisions Out with the old in with the new Final report September 2014 Provides insights about how companies have addressed regulatory and legal changes and highlights how companies can build on the foundations of 2013 and do things better in 2014 and beyond using practical actionable guidance Shareholder engagement and corporate reporting at a crossroads February 2014 Corporate reporting changes which have been in the pipeline for several years have now become a reality Annual reports and accounts of quoted companies will contain new information to comply with various codes and legislation all introduced post the financial crisis to enhance corporate governance stewardship and reporting The key question that now remains is whether the new information will be used by shareholders to further

    Original URL path: http://www.ey.com/UK/en/Issues/Governance-and-reporting/Corporate-governance (2016-02-10)
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  • EY - Financial Reporting - EY - United Kingdom
    Specialty Services China Overseas Investment Network Climate Change and Sustainability Services Family Business Services French Business Network Global Business Network Japan Business Services Pensions Russia and CIS Business Services Careers Students The EY difference Your role here Your development Life at EY Joining EY Experienced Advisory Assurance Tax Transactions Industries Support Services The EY difference Your development Life at EY Joining EY Alumni Home Insights Governance and reporting Financial and tax reporting Financial Reporting Share The Financial Reporting group within EY focuses a unique depth of financial reporting know how and commercial acumen on clients financial reporting needs Whatever the nature of the financial reporting problem the Financial Reporting group has unmatched expertise Both IFRS and UK GAAP present increasingly complicated and often convoluted reporting requirements that do not have intuitive solutions The effective implementation of such requirements is essential for a business properly to present its results The Financial Reporting group has an unrivalled depth of expertise in the most complex reporting matters These include for example pensions financial instruments income taxes foreign currency PFI contracts subsidiaries associates and joint ventures provisions disposals and impairment Businesses that are in the process of considering coming to the market whether on AIM or a full listing that have not been reporting under IFRS will have the need to convert their systems to produce IFRS compliant financial reports The Financial Reporting group can assist clients to identify the key areas of change to fully comprehend the impact of the new reporting requirements on the results of the business to maximise the business benefits to complete the conversion efficiently and effectively and to ensure staff understand the IFRS regime and can identify the effects on results of potential future management decisions and business structures Litigation support The Financial Reporting group works closely with EY s litigation support department to assist clients who need financial reporting expertise In pursuing various types of actions for example arbitration or expert determination proceedings following corporate acquisitions and disposals Financial Reporting group staff have the necessary standing to be effective UK US and IFRS technical issues Complex technical issues frequently arise in the course of clients activities The Financial Reporting group s role is to provide practical interpretations of technical requirements thereby ensuring that the complex financial reporting environment companies work within is dealt with economically and sensibly US listings The Financial Reporting group provides assistance to clients on US listing matters for example simultaneous US and UK listings large group demergers and initial public offerings of equity and debt in the United States The department provides continuous support to clients in US reporting matters in particular the complex reporting and filing requirements of the SEC and the requirements of the Financial Accounting Standards Board Contact us For more information please contact E mail Denise Brand Phone 44 0 20 7951 1242 Visit our Capital Markets pages 2015 Financial Reporting Outlook conference Our annual Financial Reporting Outlook conference focuses on the key financial reporting changes and regulatory challenges

    Original URL path: http://www.ey.com/UK/en/Issues/Governance-and-reporting/Financial-and-tax-reporting (2016-02-10)
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  • IFRS - Accounting, business services and news | EY - EY - United Kingdom
    retail and consumer products May 2015 Applying IFRS in Real Estate The new revenue recognition standard real estate March 2015 Applying IFRS in Telecommunications The new revenue recognition standard telecommunications March 2015 Applying IFRS in Software and Cloud Services The new revenue recognition standard software and cloud services January 2015 Applying IFRS in Technology The new revenue recognition standard technology January 2015 Applying IFRS in Asset Management The new revenue recognition standard asset management January 2015 Applying IFRS in Automotive Industry The new revenue standard automotive December 2014 Applying IFRS in Life Sciences The new revenue recognition standard life sciences November 2014 IFRS Developments for Mining Metals IFRS 15 the new revenue recognition standard impact on mining and metals entities September 2014 IFRS Developments for Oil Gas The new revenue recognition standard oil and gas October 2014 IFRS Developments for Oil Gas The new revenue recognition standard oilfield services October 2014 IFRS Developments for Power and Utilities The new revenue recognition standard September 2014 IFRS Developments Retail and Consumer Products The new revenue recognition standard retail and consumer products September 2014 Leases The IASB has issued IFRS 16 Leases its new leases standard that requires lessees to recognise assets and liabilities for most leases Lessees applying IFRS 16 will have a single accounting model with certain exemptions Lessors applying IFRS 16 will classify leases using the same principle as in IAS 17 and lessor accounting is substantially unchanged The IASB and the FASB have made different decisions during their deliberations In some cases these differences will result in similar transactions being accounted for differently under IFRS and US GAAP EY thought leadership General materials IFRS Developments Issue 117 IASB issues new leases standard January 2016 IFRS Developments Issue 114 New leases standard effective date and sweep issues October 2015 Applying IFRS New standard on leases is taking shape April 2015 IFRS Developments Issue 103 IASB staff to begin drafting the new leases standard March 2015 IFRS Developments Issue 101 IASB substantially completes redeliberations on leases February 2015 IFRS Developments Issue 99 IASB and FASB decide to require different lessee disclosures January 2015 IFRS Developments Issue 96 Boards complete redeliberations of the definition of a lease December 2014 IFRS Developments Issue 94 Boards reaffirm the definition of a lease but continue to work on its application October 2014 IFRS Developments Issue 89 FASB addresses sale and leasebacks US GAAP topics in leases project September 2014 IFRS Developments Issue 88 Boards address sale and leaseback transactions lessor disclosures July 2014 IFRS Developments Issue 83 Boards continue their march towards new leases standard June 2014 IFRS Developments Issue 81 Is it a lease Boards defer decision on definition of a lease May 2014 IFRS Developments Issue 76 Boards make more progress on leases project April 2014 IFRS Developments Issue 75 Boards back away from key aspects of leases proposal March 2014 IFRS Developments Issue 69 Boards to re deliberate key aspects of lease accounting again November 2013 Comment Letter Comments on the IASB s May 2013 Exposure Draft Leases September 2013 Industry materials Financial instruments The International Accounting Standards Board IASB issued the final version of IFRS 9 Financial Instruments on 24 July 2014 IFRS 9 brings together the classification and measurement impairment and hedge accounting phases of the IASB s project to replace IAS 39 Financial Instruments Recognition and Measurement and is expected to be effective for annual periods beginning on or after 1 January 2018 Accounting for dynamic risk management commonly referred to as macro hedging does not form part of IFRS 9 and is a separate project IFRS 9 introduces principles based requirements for classification and measurement Also the IASB has addressed the key concern that arose as a result of the financial crisis that the incurred loss model in IAS 39 contributed to the delayed recognition of credit losses by issuing the new impairment requirements that are based on a more forward looking expected credit loss model The hedge accounting requirements in IFRS 9 were developed with a view to providing better information about the management activities that involve hedging EY thought leadership Classification and measurement Applying IFRS Classification of financial instruments under IFRS 9 IFRS Developments Issue 86 IASB issues IFRS 9 Financial Instruments classification and measurement Comment letter Limited amendments to IFRS 9 Proposed amendments to IFRS 9 2010 March 2013 Financial Instruments impairment The Basel Committee Guidance on credit risk and accounting for expected credit losses Applying IFRS ITG discusses IFRS 9 impairment issues at December 2015 ITG meeting IFRS Developments Issue 112 ITG discusses IFRS 9 impairment issues Applying IFRS Impairment of financial instruments under IFRS 9 December 2014 IFRS Developments Issue 105 The ITG discusses IFRS 9 impairment implementation issues Basel Committee proposes guidance on accounting for expected credit losses IFRS Developments Issue 87 IASB issues IFRS 9 Financial Instruments expected credit losses IFRS Developments Issue 74 IASB completes redeliberations on expected credit loss model sets 2018 effective date Financial instruments hedging IFRS Developments Issue 109 Next steps for the accounting for dynamic risk management project Thought Center webcast Hedge Accounting for non financial entities January 2014 Applying IFRS Hedge accounting under IFRS 9 IFRS Developments Issue 68 The IFRS issues IFRS 9 2013 hedge accounting is now complete IFRS Developments Issue 62 Amendments to IAS 39 continuing hedge accounting after novation Financial instruments other IFRS Developments Issue 77 IASB issues a discussion paper on accounting for macro hedging Applying IFRS Credit valuation adjustments for derivative contracts IFRS changes impacting the banking industry An update for the CFO May 2013 Applying IFRS Offsetting financial instruments clarifying the amendments May 2012 Consolidation and joint arrangements The IASB issued IFRS 10 Consolidated Financial Statements in May 2011 establishing a new definition of control that may significantly change which entities are considered to be controlled and therefore consolidated The IASB also issued IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities in May 2011 The IASB and FASB are working jointly to consider

    Original URL path: http://www.ey.com/UK/en/Issues/IFRS (2016-02-10)
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  • Managing finance - EY - United Kingdom
    Lead Advisory Restructuring Operational Transaction Services Strategy Services Transaction Support Transaction Tax Valuation Business Modelling Specialty Services China Overseas Investment Network Climate Change and Sustainability Services Family Business Services French Business Network Global Business Network Japan Business Services Pensions Russia and CIS Business Services Careers Students The EY difference Your role here Your development Life at EY Joining EY Experienced Advisory Assurance Tax Transactions Industries Support Services The EY difference Your development Life at EY Joining EY Alumni Home Insights Managing finance Managing finance Share In any challenging economic landscape the finance function can help your business lead the way with sound financial management This means benchmarking performance to identify efficiencies and savings It means improving your systems and processes so that your business information is more accurate and readily available And it means considering alternative operating models for running your finance function such as a shared services or outsourcing arrangement EY can work with you in this We have the breadth of experience that comes from working with many of the world s leading and fastest growing companies We can help you make sure you have effective processes that enhance control create value and drive organizational behaviors so your finance function has the agility it needs to advance the changing business agenda and sustain future business success Purpose led transformation a strategy for growth Successful organisations today have articulated and activated a unique purpose that gives meaning to everything they do CFOs confident despite uncertainty The leading risk CFOs see at present is economic weakening consumer demand in the US and Europe and softer growth in China Learn more in EY s report Optimizing capital recognizing growth imperative Economic confidence is rising Successful businesses aren t leaving their money on the table Get tips and strategies to optimise your

    Original URL path: http://www.ey.com/UK/en/Issues/Managing-finance (2016-02-10)
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  • Managing risk - EY - United Kingdom
    Client Services Tax Accounting Tax Performance Advisory Tax Policy and Controversy Transaction Tax Transfer Pricing and Operating Model Effectiveness VAT GST and Other Sales Taxes Strategic Growth Markets Transactions About Transaction Advisory Services Divestiture Advisory Services Lead Advisory Restructuring Operational Transaction Services Strategy Services Transaction Support Transaction Tax Valuation Business Modelling Specialty Services China Overseas Investment Network Climate Change and Sustainability Services Family Business Services French Business Network Global Business Network Japan Business Services Pensions Russia and CIS Business Services Careers Students The EY difference Your role here Your development Life at EY Joining EY Experienced Advisory Assurance Tax Transactions Industries Support Services The EY difference Your development Life at EY Joining EY Alumni Home Insights Managing risk Managing risk Share All companies can benefit from prudent risk management This means defining your key risks weighting their probability and impact on business drivers and developing your thinking on actions to take EY can support you in this We can undertake risk assessments that go beyond financial and regulatory risk to consider the wider environment in which you operate We can conduct scenario planning for your key risks to make sure your risk management processes are linked to the actual risks that your business faces And we can help you put in place effective monitoring and control processes that give you earlier warnings and enable you to respond quickly and effectively This rigorous and disciplined approach to risk management helps you safeguard the future of your business For more information visit our Advisory pages Global Information Security Survey 2015 Our annual survey finds that organisations still have a long journey toward cybersecurity protection Learn how we help them create trust in the digital world There s no reward without risk GRC survey 2015 Our global governance risk and compliance survey shows

    Original URL path: http://www.ey.com/UK/en/Issues/Managing-risk (2016-02-10)
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  • Operational effectiveness - EY - United Kingdom
    Transaction Support Transaction Tax Valuation Business Modelling Specialty Services China Overseas Investment Network Climate Change and Sustainability Services Family Business Services French Business Network Global Business Network Japan Business Services Pensions Russia and CIS Business Services Careers Students The EY difference Your role here Your development Life at EY Joining EY Experienced Advisory Assurance Tax Transactions Industries Support Services The EY difference Your development Life at EY Joining EY Alumni Home Insights Operational effectiveness Operational effectiveness Share In today s global economy there is always pressure on businesses to run as efficiently and profitably as possible EY can work with you to take cost out of your value chain and improve the processes that support it in a way that drives long term and significant savings First we evaluate your entire cost base examine working capital and revenue optimization practices Then we assess your core processes your current risks and the controls you have in place as well as the way key programs are being managed We then work with you to execute any necessary changes By taking this approach to reducing costs and improving performance you can achieve significant benefits throughout your organization both now and in the future For more information visit our Advisory pages Helping patients and providers make the connections Life sciences companies are under increasing pressure to do more with less See how digital strategies and accountability with analytics help bridge the communication gap Internal Audit assessing performance measurement with metrics Organisations that regularly evaluate metrics are much more likely to implement the right ones How can the insights of Internal Audit help Internal Audit harnessing the power of analytics Internal Audit must integrate analytics and big data into its process to keep pace not only with the business but also with competitors Translate strategy

    Original URL path: http://www.ey.com/UK/en/Issues/Operational-effectiveness (2016-02-10)
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  • Talent management - EY - United Kingdom
    Reporting Climate Change and Sustainability Services Financial Accounting Advisory Services Financial Statement Audit Fraud Investigation Dispute Services Tax About Our Global Tax Services Country Tax Advisory Cross Border Tax Advisory Global Trade Legal Services Global Compliance and Reporting Human Capital Private Client Services Tax Accounting Tax Performance Advisory Tax Policy and Controversy Transaction Tax Transfer Pricing and Operating Model Effectiveness VAT GST and Other Sales Taxes Strategic Growth Markets Transactions About Transaction Advisory Services Divestiture Advisory Services Lead Advisory Restructuring Operational Transaction Services Strategy Services Transaction Support Transaction Tax Valuation Business Modelling Specialty Services China Overseas Investment Network Climate Change and Sustainability Services Family Business Services French Business Network Global Business Network Japan Business Services Pensions Russia and CIS Business Services Careers Students The EY difference Your role here Your development Life at EY Joining EY Experienced Advisory Assurance Tax Transactions Industries Support Services The EY difference Your development Life at EY Joining EY Alumni Home Insights Talent management Talent management Share The competition for talent never stops in good times or challenging ones Forward thinking organizations use innovative talent management approaches to gain a competitive advantage whether it s in mobility programs or compensation strategies Our human capital professionals can help EY s global mobility team advises many of the world s largest global employers as well as those just venturing into their first foreign country Our performance and reward professionals help you design compensation programs and equity incentives that really engage your key people We help you meet your executive tax compliance obligations stay on top of regulatory change manage your global talent effectively and improve your function s strategic alignment so you get the support you need to manage your most valuable resource How companies use teams to drive performance Companies across the world agree that teams

    Original URL path: http://www.ey.com/UK/en/Issues/Talent-management (2016-02-10)
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  • Doing the right deals in difficult times - EY - United Kingdom
    GST and Other Sales Taxes Strategic Growth Markets Transactions About Transaction Advisory Services Divestiture Advisory Services Lead Advisory Restructuring Operational Transaction Services Strategy Services Transaction Support Transaction Tax Valuation Business Modelling Specialty Services China Overseas Investment Network Climate Change and Sustainability Services Family Business Services French Business Network Global Business Network Japan Business Services Pensions Russia and CIS Business Services Careers Students The EY difference Your role here Your development Life at EY Joining EY Experienced Advisory Assurance Tax Transactions Industries Support Services The EY difference Your development Life at EY Joining EY Alumni Home Insights Capital and transactions Doing the right deals in difficult times Share Dramatic shifts are taking place in the world of mergers and acquisitions The types of deals that are taking place and the way they re financed and executed are changing significantly Your business may be looking to divest assets or to acquire assets at competitive prices to increase your market share Either way you need to analyze the value and risks of a deal to understand if you have a solid business case for moving forward EY can support you in this We can carry out under performing business reviews debt covenant reviews liquidity analyses and working capital optimization We can validate the accounting legal and tax implications of your proposed structure and financing approach We can help you determine whether your transaction strategy and processes are aligned with your business objectives and are operating effectively And we can provide various types of analytical and project management support for companies at every phase of financial distress including formal restructuring Whether you re looking to divest or acquire EY can help you navigate the changing mergers and acquisitions landscape make informed decisions and do the right deal Business Resilience Actively adapting to preserve value Markets are highly uncertain and the future difficult to predict Business Resilience means identifying mitigating and adapting to these issues and seizing the opportunities they present Legal sector insight paper 2 Building a stable platform for turbulent times The second paper in our legal insight series considers firms that are experiencing stress in the current market and includes practical steps that they can take to improve their financial standing Retail operations six success factors for a tough market Examines how high street retailers have leveraged technology among other things 1 6Mb March 2013 to weather the storm and even prosper in the face of a general high street downturn Unwrapping the packaging industry seven factors for success Encapsulates the experience and knowledge we have gathered as an advisor on many of the world s major packaging transactions 1 3Mb January 2013 Global Working Capital management report All tied up 2011 Find out why companies still have over US 1 1 trillion in cash unnecessarily tied up in working capital Toward transaction excellence When a business has a highly skilled corporate development officer CDO and corporate development team that is committed to continually improving strategy strong deal value and satisfaction can

    Original URL path: http://www.ey.com/UK/en/Issues/Capital-and-transactions (2016-02-10)
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