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  • EY - New cooperation offers worldwide training on IPSAS - EY - Global
    EY and IASeminars have announced they will jointly offer a comprehensive range of training courses on International Public Sector Accounting Standards IPSAS in selected countries around the world The recent sovereign debt crisis has reinforced the importance of credible and transparent reporting of government financial data IPSAS enhance the quality of financial reporting and are being adopted around the world by an increasing number of governments public authorities and international organisations including the United Nations Additionally the European Union is considering the development of European Public Sector Accounting Standards EPSAS based on similar principles to IPSAS Speaking about the launch of these joint IPSAS training courses Ian Carruthers CIPFA s Policy and Technical Director and a member of the IPSAS Board comments CIPFA is delighted to be working with EY and IASeminars on this important project There is a growing international demand for high quality IPSAS training and this new collaboration will help provide the skills needed to operate within the increasingly demanding world of international public finance Thomas Müller Marqués Berger Global Leader International Public Sector Accounting at EY and also a member of the IPSAS Board notes As one of the global industry leaders in transparency EY is pleased to be cooperating with two of the world s leading IPSAS training providers We also see this joint project as the logical next step in the already successful cooperation between CIPFA and EY and we look forward to contributing our global knowledge and experience gained from large scale IPSAS conversion projects Ends Notes to Editors The cooperation between CIPFA the leading professional body for public financial management IASeminars a worldwide financial training business and EY a global leader in assurance tax transaction and advisory services will provide a unique global offering of technical training courses on International Public Sector Accounting Standards IPSAS This will include courses planned in 2014 for such cities as Geneva Hong Kong London Lagos and Cape Town Detailed teaching and materials on a broad and growing range of IPSAS topics will be delivered by respected and experienced professionals representing the most comprehensive and topical IPSAS training currently available in the market Upcoming courses Course 3000 IPSAS Accruals Basis Immersion Workshop 8 days London 19 08 2014 29 08 2014 Course 3010 IPSAS Fundamentals Accruals Basis 3 days Geneva 16 06 2014 18 06 2014 Lagos 15 09 2014 17 09 2014 Hong Kong 20 10 2014 22 10 2014 Course 3010e IPSAS Fundamentals Accruals Basis 30 days online e learning course 09 09 2014 08 10 2014 Course 3050 IPSAS Basics Cash Basis 2 days currently no dates scheduled Course 3081 IPSAS Technical Update 1 day Geneva 27 06 2014 Hong Kong 24 10 2014 Course 3082 IPSAS Hot Topics and Technical Update 2 days currently no dates scheduled Course 3100 IFRS versus IPSAS 2 days Geneva 19 06 2014 20 06 2014 Course 3201 IPSAS Financial Instruments 2 days Geneva 23 06 2014 24 06 2014 Course 3220 IPSAS For Revenues and Expenses 1

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/news-new-cooperation-offers-worldwide-training-on-ipsas (2016-02-10)
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  • EY Receives 2014 SAP® Pinnacle Award for Service Transformation - EY - Global
    is pleased to announce it has received the 2014 SAP Pinnacle Award in the category of Service Transformation The Pinnacle Awards are the highest awards that SAP gives to its partners annually and recognizes the contributions of leading global services partners that deliver outstanding SAP software deployments on premise and on demand The award in the category Service Transformation recognizes SAP services partners that have demonstrated the largest expansion of its services capacity SAP trained and certified consultants in targeted growth markets and high growth innovation areas Dave Ryerkerk EY s Global IT Advisory Leader comments This award is a fantastic accolade for the team It recognizes the excellent work EY has achieved within Service Transformation with SAP globally and demonstrates the breadth of expertise that the EY Advisory team offers Together with our partners who are co innovating with us reselling and implementing our solutions we offer choice and deliver transformational value to our joint customers of all sizes said Mark Ferrer Chief Operating Officer Global Customer Operations and Executive Vice President Ecosystem and Channels SAP Partners like EY are our force multipliers and today more than ever they are essential to our customers success We congratulate EY for its outstanding partnership with SAP and well deserved 2014 SAP Pinnacle award Finalists and winners in 21 categories were based on field recommendations customer feedback and performance indicators in the following five umbrella categories Run Together for co innovation Run Further for market expansion Run Clever for service delivery Run Sustainably for sustainability and new for 2014 Customers Choice The SAP Pinnacle awards shine a spotlight on SAP s partners remarkable work recognizing their intelligence and their capacity to challenge what is possible to help customers run better Award winners will be formally recognized at SAPPHIRE NOW SAP s international customer conference being held in Orlando Fla June 3 5 Ends Notes to editors About EY s Advisory Services Improving business performance while managing risk is an increasingly complex business challenge Whether your focus is on broad business transformation or more specifically on achieving growth or optimizing or protecting your business having the right advisors on your side can make all the difference Our 30 000 advisory professionals form one of the broadest global advisory networks of any professional organization delivering seasoned multidisciplinary teams that work with our clients to deliver a powerful and exceptional client service We use proven integrated methodologies to help you solve your most challenging business problems deliver a strong performance in complex market conditions and build sustainable stakeholder confidence for the longer term We understand that you need services that are adapted to your industry issues so we bring our broad sector experience and deep subject matter knowledge to bear in a proactive and objective way Above all we are committed to measuring the gains and identifying where your strategy and change initiatives are delivering the value your business needs About EY EY is a global leader in assurance tax transaction and advisory services The

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News-EY-receives-2014-sap-pinnacle-award-for-service-transformation (2016-02-10)
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  • EY - Large headline-hitting deals take center stage in the next year - EY - Global
    confidence in credit availability at a global level is at its highest level in five years with 88 considering credit availability as improving or stable For the first time Barometer respondents have indicated what their actual deal pipeline looks like with almost a third 29 expecting it to increase over the next 12 months which could point to increased volume longer term However in the near term executives have to balance their growth priorities and make selective M A choices They are increasingly being encouraged to focus on cost reduction by activist shareholders with 93 saying the boardroom agenda is heavily influenced by shareholder pressure 47 expect to pursue cost reductions as a result Pip McCrostie EY s Global Vice Chair Transaction Advisory Services says Value not volume will be making headlines in the near future with prominent large deals part of an emerging trend in 2014 we have seen a 25 increase in deal value but an 11 fall in volume globally After a prolonged financial crisis and M A market malaise companies and boards are opting for quality rather than quantity Shareholder activism is ensuring managing costs and delivering measured growth remains a permanent feature of a complex business landscape With growth harder to come by in a low GDP world economy many executives are adopting a twin track approach On the one hand companies are looking at innovative organic growth strategies to develop new products and open new markets and selective but bold inorganic moves in the market On the other they are looking at more creative ways to drive down costs Valuation gap narrows The gap is contracting between the price companies are willing to pay for assets and underlying valuations Almost half of respondents believe the valuation gap is now less than 10 and a vast majority expect valuation gaps to remain the same or contract over the next year This will foster an environment in which companies can close larger strategic deals Mrs McCrostie says The fundamentals for high value deal making are very favorable Historically this would have translated into a wave of global M A However the complexity of the challenge facing executives today means M A is more measured Geopolitical instability a fragile global economic recovery and seismic shifts in far reaching megatrends such as structural changes in the workforce and digital transformation are all key considerations and all at a time of unprecedented shareholder activism Despite shocks recovery is resilient Economic confidence is more resilient than at any time in recent years with 60 of respondents viewing the global economy as improving Economic pressures such as slowing emerging market growth the tapering of quantitative easing in the United States and geopolitical unrest in the Middle East and Eastern Europe temper confidence to some extent as 30 of executives perceive global political instability to be the greatest economic risk Re balancing of investment destinations The top five investment destinations balance emerging markets such as India and China with a continued focus

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News-large-headline-hitting-deals-take-center-stage-in-next-year (2016-02-10)
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  • EY launches annual 2014 Young Tax Professional of the Year Award - EY - Global
    Newsroom News releases PR contacts PR activities Analyst relations Fact and figures Share EY is delighted to announce the launch of its fourth consecutive international competition Young Tax Professional of the Year YTPY This award allows successful students who are chosen from more than 30 countries to compete through demonstrating their tax technical and professional skills to a panel of expert judges Stephan Kuhn EY s Europe Middle East India and Africa Tax Leader says At EY we are committed to building a better working world Developing young talent and providing young people with opportunities is one of the ways we can help fulfil our purpose The Young Tax Professional of the Year program provides a platform for us to foster top tax talent and the tax leaders of the future By bringing these students together we want to show them how much the tax profession has changed today and how business is managed in different cultures as well as exposing them to the skills required for tomorrow s leaders There s nothing more important than identifying outstanding talent The energy and ingenuity of today s youth is remarkable and YTPY allows EY the opportunity to reward and encourage this next generation of tax professionals comments Paul Antrobus Global Tax Talent Leader at EY Award participants will have access to invaluable global leadership training and one on one technical coaching as well as the opportunity to network with leading figures from global organizations The program spans almost 250 universities in more than 30 countries This year the following countries are participating in the program Austria Belgium China Denmark Egypt Finland France Germany Hong Kong Hungary India Italy Kazakhstan Luxembourg Malaysia Netherlands Nigeria Norway Pakistan Portugal Romania Russia South Africa Spain Sweden Switzerland Taiwan Turkey Ukraine and the United Kingdom More than just a competition The Young Tax Professional of the Year is split into two stages local and international The judges will be looking for evidence of creative and analytical strengths as well as practical skills Stage 1 local competition During the initial competition in the home country we will challenge both the candidates technical abilities and their wider commercial strengths Stage 2 international final Taking place in Amsterdam the Netherlands from November 30 to December 4 successful country finalists will have the chance to work closely with a diverse range of professionals They will face challenging case studies and interviews to demonstrate their expertise before the award judges That panel will then confirm the three winners of the Young Tax Professional of the Year Award The awards ceremony The finalists will be invited to a prestigious awards ceremony where after a review of everyone s performance throughout the competition the winners will be announced More than just a trophy In recognition of the technical skills and professionalism demonstrated in front of the panel the three award winners will be presented with prizes that provide an opportunity for personal experience as well as connection to and understanding of the various

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News-EY-launches-2014-young-tax-professional-of-the-year (2016-02-10)
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  • EY - Orgs risk losing investment due to lack of info disclosure - EY - Global
    non financial information compared with only 49 of those in developed markets The global survey of 163 institutional investors conducted by Institutional Investor magazine on behalf of EY identifies the key trends and drivers that influence the uptake and use of corporate disclosures of non financial information Eighty nine percent of investors report that non financial performance information played a pivotal role at least once in their decision making over the last 12 months Two thirds of those investors are using some kind of technique to evaluate non financial disclosure and of this group only half have a structured evaluation or have a process in place The report highlights that many are relying on personal judgment of environmental and social data when determining the impact of such factors on value creation and risk Juan Costa Climent EY s Global Leader of Climate Change and Sustainability Services comments The emergence of integrated reporting and a widening appreciation of the risks and opportunities posed by externalities creates a significant opportunity for organizations that can better inform investors of the non financial risks and opportunities that their business faces When looking at the sources of non financial information annual reports integrated reports and company websites were ranked as the most important sources by investors rather than third parties indexes highlighting the crucial need for organizations to consider how they present their non financial data to different financial stakeholders Many of the investors also pointed out the challenge of finding meaningfully ways to compare companies performance even among peers A lack of information to understand what issues could materially impact returns for shareholders was a common frustration with many unable to draw quantifiable links between non financial and financial performance Dr Matthew Bell EY Australia Climate Change and Sustainability Services Partner comments What investors are telling us is that they re using non financial information to inform their decision making whether or not the companies are providing it themselves They ve also identified weaknesses in current reporting and so companies now need to consider a more structured approach By using an integrated framework companies can report what is material to them provide further information and point to where an investor may find the raw or unabridged data that bigger investment teams will find useful The survey also identified geographical differences when it comes to the uptake of non financial information Over 70 of the respondents based in emerging markets frequently or occasionally use non financial information compared with only 49 of those in developed markets With investors looking to minimize risk 43 of the respondents from emerging markets said that non financial information was essential to minimize risk compared with only 29 of those from developed markets highlighting that the risks posed by environmental social and governance issues are more prevalent in emerging markets In markets such as China and South East Asia sustainability concepts are critical to the way companies operate and how quickly they adapt to a shifting landscape therefore non financial

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News-orgs-risk-losing-investment-due-to-lack-of-info-disclosure (2016-02-10)
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  • EY - Use technology and data to get ahead of the indirect tax curve - EY - Global
    data effectively to get ahead of the indirect tax curve says new EY report Press release Use technology and data effectively to get ahead of the indirect tax curve says new EY report London 3 April 2014 Newsroom News releases PR contacts PR activities Analyst relations Fact and figures Share Dealing with data is the key to tax transparency and to effective management of companies growing indirect tax obligations says EY s latest report Managing indirect tax data gaining insight and control in the digital age Tax administrations are collecting and sharing more taxpayer data Tax payers at a technological disadvantage compared to tax and customs administrations Dr Philip Robinson EY s Global Director of Indirect Tax comments Tax reporting begins and ends with data but the variety of indirect tax data required by different jurisdictions and the sheer quantity of relevant data now generated by large organizations can present logistical issues for its effective collection storage and analysis Organizations reporting requirements increase and data sharing With the increase in reliance on VAT customs excise and other indirect taxes by governments to meet budgetary needs and the fair tax debate putting companies tax affairs firmly in the spotlight many multinational organizations are required to report more both in frequency and quantity Tax and customs administrations are requesting more information about companies transactions and where and with whom they do business Through the use of data analytics these tax administrators are analyzing and comparing data from different organizations to collect and protect tax revenues Data extraction is also helping them to perform smarter tax audits to identify underpayments and systemic weaknesses as well as carry out risk based audits In depth reviews that once took from three months to two years to complete can now be done on a data driven basis in a matter of weeks Tax data not just for compliance In the past few years big data has become a key focus in companies and tax administrations on a global scale Enterprise intelligence is how companies manage and exploit their big data Until recently too few companies have been able to meet the challenge in their own tax data management and response times Taxpayers are still very reactive and this data is analyzed and consolidated predominantly as and when the tax administration performs a tax audit This trend is changing says Robinson Tax management is increasingly driven by key performance indicators linked to the company s overall strategy Tax and trade functions need to protect companies from risk but they are also being asked to contribute to profitable performance Gaining visibility over the financial impact of indirect tax obligations risk and opportunities is an important step to establishing an effective indirect tax strategy As companies begin to outsource tax compliance and run their own data warehousing and dash boarding solutions their analysis of tax and trade data is becoming much more proactive Taxpayers not keeping up with technology As tax and customs administrations around the world develop their

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News-Use-tech-and-data-to-get-ahead-of-indirect-tax-curve (2016-02-10)
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  • EY - 2014 business lending growth revised down in the face of AQR - EY - Global
    of this size analysis by EY indicates that the forecast for business and consumer lending growth would be constrained by 0 4 modelling of the impact on the economy using the EY Eurozone Economic Model shows that this would result in a 0 1 reduction of GDP growth If however the shortfall was to hit the middle of the current range of market estimates it is estimated that forecasts for business and consumer lending would be revised down by 1 The knock on effect on Eurozone GDP would be a reduction of 0 3 pinning growth back to an anaemic 1 1 in 2015 And in the most extreme scenario if the capital shortfall were to hit to the very top end of the current range of estimates it is estimated that forecasts for business and consumer lending would be revised down by 2 The knock on effect on Eurozone GDP would be a reduction of 0 7 halving GDP growth to 0 7 in 2015 Tom Rogers senior economic adviser to the EEFSF comments Following two years of decline the Eurozone has now returned to growth The pace of economic recovery is expected to gather slowly we forecast very modest growth of 1 4 for 2015 which is supported by relatively healthy growth in lending to business and consumers and rising global demand for exports However this recovery remains vulnerable In an adverse scenario where the AQR demands a large enough capital shortfall to reduce lending growth by 1 we would expect GDP growth to take a hit Robert Cubbage Banking and Capital Markets leader for EY in Europe Middle East India and Africa EMEIA comments No one can accurately predict the impact of the AQR or how banks will react to a capital shortfall But the near term effects of this spring cleaning on lending are already having an impact True lending growth is expected to strengthen next year but overall it is increasingly uncertain that Eurozone banks will be able to achieve pre crisis levels of credit growth in the foreseeable future In fact many remain under pressure to exit non core businesses and reduce their overall leverage So it is likely that some banks will adapt their business models by providing less direct lending to corporate customers in favor of advising them on accessing finance from a range of different sources Eurozone AUMs will grow by 24 to 6 051b by 2018 Inflows into European funds will continue amid the ongoing investor retreat from emerging markets and in 2014 Eurozone AUMs should have another year of solid growth at around 7 Over the medium term the Eurozone remains well placed to continue attracting assets from other global regions and Eurozone AUMs are forecast to grow by 24 over the next five years to reach 6 051b by 2018 Should the shift into equities ring alarm bells The recovery continues to attract capital into European equities As in the US this trend is being mirrored by a

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News-2014-business-lending-growth-revised-down-in-the-face-of-AQR (2016-02-10)
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  • EY - UK with 40% of European PE buyout value in Q1 2014 - EY - Global
    demand for quality assets As we look ahead into Q2 it s likely that this trend will intensify particularly as investors take advantage of resurgent public markets and look to redeploy capital gained from their exits With the potential for further economic headwinds still very real increased scrutiny on valuations is likely to be a common theme with particular attention being paid to macro economic data from more peripheral regions PE backed IPOs are the exit route of choice The popularity of the public markets as a preferred exit route continued in the first quarter of this year with seven IPOs achieving a total value of 7 2b This continues from where 2013 left off with a total 25 1b raised through 20 IPOs Of the IPOs this year five out of the seven listed in the UK showing the strength and attractiveness of the UK public markets With the industry working hard to clear its exit overhang the opening of public markets has helped oil the wheels of this process but the downside for PE is that this is having a material impact on the secondary buyout market SBO Both SBO volumes and values fell during Q1 with 25 buyouts valued at a total of 2 8b the lowest volume level since Q1 2010 and the lowest value total since the final quarter of 2009 Date explains While the opening of the public markets is helping the industry reduce its exit overhang the increasing popularity of IPOs as an exit route is increasing competition for PE backed assets PE houses looking to acquire assets through SBOs are facing stiff competition from the high multiples being commanded by IPO valuations This is having a significant impact on SBO activity and as a result both SBO volumes and values are down quite considerably Europe is seen as an attractive market for foreign buyers Trade sales continue to offer a viable exit route as PE houses attract corporate buyers with values totaling 6 0b in Q1 an increase from 5 0b over the same period last year Date adds We continue to see corporate buyers attracted to PE assets driven by high levels of available cash and a willingness to pay high valuations for businesses offering a clear strategic fit A large proportion of trade sale exits have originated from Asian and US buyers with fewer European based buyers emerging This perhaps points to continued Eurozone concerns and domestic investors feeling less confident about investing large amounts of capital for assets The trade sale of German manufacturer Grohe at 3 1b the second largest exit this quarter went to joint Japanese buyers Lixil and the Development Bank of Japan The trade sale of Spanish consulting firm Everis went to Japanese buyer NTT Data Date continues US and Asian buyers have an appetite for European assets which are viewed as a strategically important footprint in one of the largest single market economies in the world It is worth noting however that only three

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News-UK-in-driving-seat-with-40-of-European-PE-buyout-value (2016-02-10)
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