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  • New accounting proposal will record almost all leases on lessee's balance sheets - EY - Global
    Operating Model Effectiveness Strategic Growth Markets How we help Entrepreneurship EY SGM Initial public offering Venture capital Family business services Transactions About Transaction Advisory Services Corporate Development Divestiture Advisory Services Lead Advisory Operational Transaction Services Restructuring Strategy Services Transaction Support Transaction Tax Valuation Business Modelling Specialty Services Climate Change and Sustainability Services CertifyPoint China Overseas Investment Network Family Business Services French Business Network Global Business Network Japan Business Services Careers Students The EY difference Your role here Your development Life at EY Joining EY Global Delivery Network Experienced Advisory Assurance Tax Transactions Industries The EY difference Your development Life at EY Joining EY Global Delivery Network Alumni Home Newsroom New accounting proposal will record almost all leases on lessee s balance sheets Press release New accounting proposal will record almost all leases on lessee s balance sheets London 16 May 2013 Newsroom News releases PR contacts PR activities Analyst relations Fact and figures Share Today the International Accounting Standards Board IASB and the US Financial Accounting Standards Board FASB collectively the Boards released a revised proposal that would bring significant changes to the accounting for leases In August 2010 the Boards issued the first lease accounting proposal for both International Financial Reporting Standards IFRS and US Generally Accepted Accounting Principles GAAP The main objective was to record assets and liabilities arising from a lease on lessees balance sheets Some constituents raised concerns about the proposed model and the practicability of some of the requirements in that proposal Based on the feedback they received the Boards revised the model and issued this new proposal today EY s Global IFRS Services Leader Ruth Picker says The Boards have tried to address respondents concerns about the definitions of a lease and lease term to what extent variable payments affect the lease liability and receivable as well as the accounting model for lessors In addition this revised proposal introduces a new classification requirement creating two types of leases Depending on how a lease is classified the income or expense recognition pattern as well as the balance sheet would differ between the two types of leases The Boards main objective was retained both types of leases would be recorded on a lessee s balance sheet Ruth Picker adds Despite the revisions made by the Boards to address respondents concerns the revised proposal changes existing practice and may be challenging to apply The proposal would require the use of greater judgment and estimates compared to current practice for example when determining if the arrangement meets the definition of a lease or classifying a lease based on whether the lessee consumes more than an insignificant portion of the underlying asset As most leases would be recorded on a lessee s balance sheet key metrics may change for example debt ratios and return on assets Also lessees and lessors would need to provide greater disclosure Ruth Picker concludes The Boards have been able to develop a single proposal for lease accounting under both IFRS and US GAAP The

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News_New-accounting-proposal-will-record-almost-all-leases-on-lessee-balance-sheets (2016-02-10)
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  • Mining and metals M&A: confidence up but deals lag - EY - Global
    Family Business Services French Business Network Global Business Network Japan Business Services Careers Students The EY difference Your role here Your development Life at EY Joining EY Global Delivery Network Experienced Advisory Assurance Tax Transactions Industries The EY difference Your development Life at EY Joining EY Global Delivery Network Alumni Home Newsroom Mining and metals M A confidence up but deals lag Press release Mining and metals M A confidence up but deals lag London 9 May 2013 Newsroom News releases PR contacts PR activities Analyst relations Fact and figures Share Mining and metals companies are more confident in the global economic outlook than six months ago but remain cautious when it comes to pursuing acquisitions according to EY s latest six monthly Capital Confidence Barometer Mining Metals released today The report is based on a survey of 193 executives from mining and metals companies worldwide from a broader survey of 1 600 executives from 50 countries undertaken in February and March 2013 Mining and metals respondents are more optimistic about the global economy than six months ago with 57 viewing it as improving compared with 21 in October 2012 Encouragingly growth is the main focus for 44 of companies in the sector up from 38 six months ago and 46 view credit availability as improving up from 30 However despite the more positive sentiment M A appetite remains subdued with 24 respondents intending to pursue an acquisition in the next 12 months down from 28 in October EY s Global Mining Metals Transactions Advisory Leader Lee Downham says Companies are instead opting for lower risk organic growth optimizing capital allocation and strategic divestments For those where M A is still a priority smaller bolt on acquisitions are preferred The findings are consistent with Q1 2013 M A data for the sector with total deal value down 45 year on year to US 16 3b and deal volume down 35 to 168 deals Companies are pausing for breath right now they are focusing on optimizing their operational and capital base although those ignoring M A may be missing out where valuations are depressed providing potentially attractive returns on deals says Downham The Capital Confidence Barometer also confirmed that capital allocation decisions are rising up the boardroom agenda with 54 of mining and metals companies saying they have a greater focus on it now up from 44 six months ago Capital allocation decisions are becoming more complex where mining and metals companies must balance the demands of their equity shareholders with those of host governments employees and local communities all of which have different priorities and differing investment horizons The winners in the next investment cycle will be those who have the best approach to capital planning M A outlook Downham says that capital recycling through asset divestitures or potential stake divestments will remain a key priority for large producers This is supported by EY s recent Global Corporate Divestment study which revealed that 43 of respondents expected to initiate divestment

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News_Mining-and-metals-M-andA-confidence-up-but-deals-lag (2016-02-10)
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  • Foreign investment in Turkey doubles in last five years - EY - Global
    year in the medium term Turkey s world class features including its strategic location and large domestic market are attracting a number of investors who remain confident about Turkey s future Where has investment come from The EIM data highlights that from 2007 to 2012 companies from the US provided 28 of foreign direct investment FDI into Turkey with 86 projects Sectors such as business service ICT chemicals transport and logistics and diversified industrial products DIP have attracted significant American attention In the past five years the EU has directed 202 projects to Turkey The EU s interest in Turkey mostly focuses on sectors with a high technology component such as DIP and automotive Other sectors such as business services and transport and logistics have also drawn investor attention Germany is the leading European investments in Turkey with 64 projects followed by France the UK and Italy with 30 26 and 24 projects respectively Although Western Europe remains the largest regional investor in Turkey its relative importance in FDI inflows to the nation has been declining and it is likely to shrink in the future Japan is the sixth largest investor in Turkey and the largest Asian investor It accounts for more than one third of the continent s projects in Turkey The top sectors for Japanese investment are automotive 29 and financial services 18 The Turkish government has made a conscious effort to deepen ties with the MENA region and although it currently accounts for only 3 of investment decisions in the country investment from the region is expected to increase in the years to come Current levels of FDI also remain low from China India and South Korea but they have been trying to capitalize on Turkey s growth story and investment is expected to rise Together these countries have directed 23 projects to Turkey since 2007 A number of Chinese firms are seeking investment opportunities in Turkey especially in nuclear energy highway high speed train railway and port projects Turkey and South Korea are collaborating to build nuclear and coal power plants Turkey has been lagging behind other regional RGMs in terms of attracting FDI Both Russia and Poland fared better between 2007 and 2012 But the gap between Turkey and others is narrowing While FDI in Turkey has been increasing or stable since 2007 its counterparts in Europe have witnessed an uneven trend Since 2011 the country has shown better FDI performance than the Czech Republic and Ukraine Jay Nibbe EY s EMEIA Markets Area Managing Partner comments Historically Turkey has seen the majority of its foreign investment coming from developed economies However a major shift is underway for investment and trade flows from the Middle East Africa and Asia FDI profile dynamic mix of sectors EIM data shows that business services was the most active sector in Turkey between 2007 and 2012 with 17 of projects Strong growth potential and macroeconomic stability have encouraged companies to set up sales and marketing offices and contact centers

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News_Foreign-investment-in-Turkey-doubles-in-last-five-years (2016-02-10)
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  • One in five employees aware of financial manipulation in their own company - EY - Global
    in five employees aware of financial manipulation in their own company London 7 May 2013 Newsroom News releases PR contacts PR activities Analyst relations Fact and figures Share Findings from EY s 2013 Europe Middle East India and Africa EMEIA Fraud Survey Navigating today s complex business risks show that one in five employees surveyed are aware of financial manipulation in their own company in the last 12 months This awareness increases to over a quarter of respondents in rapid growth markets At board and senior manager level the proportion is higher still more than 40 of those asked said that sales or costs had been manipulated at their company EY s survey of over 3 000 employees in 36 countries across EMEIA highlights that one in five respondents are aware of financial manipulation in their own company in the last 12 months 42 of board directors and senior managers are aware of irregular financial reporting in their company 57 believe bribery and corruption are widespread in their country The survey also found that 38 of all respondents believe companies within their jurisdiction overstate their financial performance Almost half the respondents in rapid growth markets agree that companies in their countries often misrepresent financial performance compared with 29 of those with headquarters in Western Europe David Stulb Global Leader of EY s Fraud Investigation Dispute Services practice says Given the current challenging market conditions companies face sustained pressure to meet growth and profit expectations In this environment some inevitably succumb to unethical behavior Shareholders expect management to take responsibility for protecting the business by implementing anti bribery and anti fraud programs at all levels of their organization Boards must challenge management to ensure they are focused on high risk areas Bribery and corruption prevalent across business sectors The survey shows the risks of misreporting are compounded by an unethical business environment Fifty seven percent of all respondents believe bribery and corruption are widespread in their country which rises to 67 in rapid growth markets The proportion dropped however to 26 who feel it is common to use bribery to win contracts in their own sector David Stulb says To effectively tackle the risks from fraud bribery and corruption management need to acknowledge it could happen in their own organization and profession The survey reveals a worrying trend that employees see bribery and corruption happening widely in their country but do not acknowledge it as a risk in their own business or sector The results seem to say Everyone else is doing it but not me or my business Compliance perception gap between management and employees While the majority of respondents are aware that their company has an anti bribery anti corruption ABAC policy the survey shows many organizations have a significant perception gap between senior management and employees when it comes to the relevance and effectiveness of this policy Sixty percent of directors and senior managers believe that their company would support people who reported cases of suspected fraud bribery

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News_One-in-five-employees-aware-of-financial-manipulation (2016-02-10)
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  • Oil and gas transaction appetite down slightly as confidence in economic outlook grows - EY - Global
    just a lack of confidence in the business environment that is holding companies back many are also concerned about the gap between their valuation of potential acquisitions and the prices sought by sellers For many companies the appetite for M A has declined Five years after the financial crisis many executives are still waiting for more price visibility before taking action That conservatism aside oil and gas respondents expect that global M A deal volumes will increase over the next 12 months with 72 expecting volumes to at least modestly improve Expectations of the larger global sample were broadly similar Growth focus returns Prioritization of growth had broadly declined as companies in general became more focused on the fundamentals but that decline has seemingly ended Oil and gas companies focus on growth had similarly been declining but increased sharply in this survey Notably our oil and gas respondents continue to be more focused on growth than the global sample of companies Compared with six months ago our respondents both in the broader global sample as well as the oil and gas respondents report a decreased focus on reducing costs improving efficiency and optimizing capital Growth remains the number one objective for a majority of our oil and gas companies with 61 reporting that growth is their primary focus as compared to 20 whose primary focus was on cost reduction and operational efficiency and 17 whose focus was on maintaining stability This is the highest percentage of respondents citing growth as their top priority since April 2011 Credit conditions improving globally While credit has remained broadly available particularly to large cap enterprises our global respondents report a substantial increase in credit availability Compared with two years ago banks are on a stronger footing and better capitalized Yet this healthier picture has not always translated into increased lending as many banks tightened their lending standards particularly for small to medium enterprise SME borrowers Banks also face higher capital requirements under impending Basel III regulations which could restrict their ability to increase the flow of credit into the economy Eighty five percent of oil and gas respondents now view credit availability as stable or improving Within this the percentage of oil and gas companies seeing credit conditions loosening has increased substantially Mixed global deleveraging trends The oil and gas sector has tended towards conservatism with respect to leverage The improving credit conditions have prompted many of them to review and adjust their capital structure Some took advantage of better credit conditions to take on debt and reduce their overall cost of capital However reflecting the industry s traditional conservatism in this area and the buoyant oil price over the last two years more oil and gas companies have been looking to deleverage their balance sheets The proportion of companies expecting to finance to further expand their operations and increase their debt to capital ratios grew to 28 up from 21 in October 2012 However the proportion of oil and gas companies looking to

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News_Oil-and-gas-transaction-appetite-down-slightly-as-confidence-in-economic-outlook-grows (2016-02-10)
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  • Africa's share of global FDI increases over the last five years - EY - Global
    Africa 235 the UAE 210 China 152 Kenya 113 Nigeria 78 Saudi Arabia 56 and South Korea 57 all among the top 20 investors over that period Intra African investment has been particularly impressive during the same period growing at 33 compound rate South Africa has been at the forefront of growth in intra African trade and broader emerging market investment the single largest investor in FDI projects in 2012 outside of South Africa Kenya and Nigeria have also invested heavily but it is expected that others such as Angola for example with a US 5b sovereign wealth fund will become increasingly prominent investors across the continent over the next few years Ajen Sita EY s Africa Managing Partner comments There is a growing confidence and optimism among Africans themselves about the continent s progress and future There has also been an important shift in emphasis in investment into the continent over the past few years in terms of both destination markets and sectors While investment into North Africa has largely stagnated FDI projects into Sub Saharan Africa have grown at a compound rate of 22 since 2007 Among the star performers attracting growing numbers of projects have been Ghana Nigeria Kenya Tanzania Zambia Mozambique Mauritius and South Africa Perception versus reality Our 2013 Africa Attractiveness Survey shows some progress in terms of investor perceptions since the inaugural survey in 2011 The majority of respondents are positive about the progress made and the outlook for Africa Africa has also gained ground relative to other global regions In 2011 Africa was only ranked ahead of two other regions while this year it ranked ahead of five other regions the former Soviet States Eastern Europe Western Europe the Middle East and Central America However there still remains a stark perception gap between those respondents who are already doing business in Africa versus those that have not yet invested in the continent Those with an established business in Africa are overwhelmingly positive They understand the real rather than perceived operational risks have experienced the progress made and see the opportunities for future growth Eight six percent of these business leaders believe that Africa s attractiveness as a place to do business will continue to improve and they rank Africa as the second most attractive regional investment destination in the world after Asia In contrast those with no business presence in Africa are far more negative about Africa s progress and prospects Only 47 of these respondents believe Africa s attractiveness will improve over the next three years and they rank Africa as the least attractive investment destination in the world The two fundamental challenges that are present for those already present or those looking to invest in Africa are transport and logistics infrastructure and anti bribery and corruption However moves are being made on both accounts to help allay fears of investors Infrastructure gaps particularly relating to logistics and electricity are consistently cited as the biggest challenges by those doing business in Africa

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News_Africa-share-of-global-FDI-increases-over-the-last-five-years (2016-02-10)
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  • His Royal Highness the Prince of Asturias to preside over inaugural session of Global Sustainability Summit 2013 - EY - Global
    CertifyPoint China Overseas Investment Network Family Business Services French Business Network Global Business Network Japan Business Services Careers Students The EY difference Your role here Your development Life at EY Joining EY Global Delivery Network Experienced Advisory Assurance Tax Transactions Industries The EY difference Your development Life at EY Joining EY Global Delivery Network Alumni Home Newsroom His Royal Highness the Prince of Asturias to preside over inaugural session of Global Sustainability Summit 2013 Press release His Royal Highness the Prince of Asturias to preside over inaugural session of Global Sustainability Summit 2013 London 6 May 2013 Newsroom News releases PR contacts PR activities Analyst relations Fact and figures Share His Royal Highness the Prince of Asturias is to attend the Second Global Sustainability Summit organized by EY and the Ibero American Secretariat General SEGIB on 6 th and 7 th May in Madrid In response to the need to boost economic growth in the current economic landscape the summit aims to facilitate sustainable policy debate around a new sustainable model which can create value and growth Summit taking place on 6th 7th May in Madrid Opportunity for worldwide representatives to share information and analysis on sustainability Speakers include broad representation of international private and government representatives from Spain Latin America France Italy and China Juan Costa Climent EY s Global Leader for Climate Change and Sustainability Services and Enrique V Iglesias Ibero American Secretary General will host the event which will feature more than 300 representatives from business government and international organizations In its second year the summit has a broad representation of public sector speakers from across Europe including Luis de Guindos Spanish Minister of Economy and Competitiveness Jaime García Legaz Spanish Secretary of State for Commerce Ana Botella Spanish Mayor of Madrid Former Prime Minister of France Alain Juppe and Anne Hidalgo First Deputy Mayor of Paris among other senior European officials Latin American government speakers include Maria Ignacia Benitez Minister of Environment of Chile Manuel Pulgar Environment Minister of Peru and Edwin Quintanilla Vice Minister of Energy of Peru The private sector will also be represented through several sessions focusing on renewable energy infrastructure and finance sectors Commenting on the summit Juan Costa Climent says The summit takes place at a turning point There are many doubts about the credibility of current economic models and it is necessary now more than ever to highlight that a sustainable policies can create value and boost economic growth Discussing and developing more competitive and sustainable growth models is one of the objectives of the summit The summit will also emphasize how the major sectors are the key to transforming the economic model and creating jobs and growth These include the financial or infrastructure sector with investments in cities around the world expected to exceed US 100b over the next seven years In renewable energy investments could reach US 630b worldwide by 2030 with China Germany US and India leading these investments Enrique V Iglesias Ibero American Secretary General adds

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News_His-Royal-Highness-the-Prince-of-Asturias-to-preside-over-inaugural-session (2016-02-10)
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  • Multinationals failing to adopt transformative payroll techniques to compete and expand in the global marketplace - EY - Global
    Tax Advisory Cross Border Tax Advisory Global Trade Global Compliance and Reporting Human Capital Private Client Services Law Tax Accounting Tax Performance Advisory Tax Policy and Controversy Transaction Tax VAT GST and Other Sales Taxes Transfer Pricing and Operating Model Effectiveness Strategic Growth Markets How we help Entrepreneurship EY SGM Initial public offering Venture capital Family business services Transactions About Transaction Advisory Services Corporate Development Divestiture Advisory Services Lead Advisory Operational Transaction Services Restructuring Strategy Services Transaction Support Transaction Tax Valuation Business Modelling Specialty Services Climate Change and Sustainability Services CertifyPoint China Overseas Investment Network Family Business Services French Business Network Global Business Network Japan Business Services Careers Students The EY difference Your role here Your development Life at EY Joining EY Global Delivery Network Experienced Advisory Assurance Tax Transactions Industries The EY difference Your development Life at EY Joining EY Global Delivery Network Alumni Home Newsroom Multinationals failing to adopt transformative payroll techniques to compete and expand in the global marketplace Press release Multinationals failing to adopt transformative payroll techniques to compete and expand in the global marketplace London 30 April 2013 Newsroom News releases PR contacts PR activities Analyst relations Fact and figures Share The majority of multinationals 85 want improvement in their current payroll practices yet they are skeptical about whether payroll providers can deliver a comprehensive global solution This is according to a new EY survey Global Payroll Myth or Reality of 161 global senior payroll leaders Seven out of 10 70 of the survey respondents are not confident a global vendor currently exists that can provide a truly global payroll solution They identified a wide range of issues as potential hurdles from total cost of the overall solution 16 to the vendor understanding and meeting specific requirements 14 and legal and regulatory requirements 12 As a result nearly half 41 are not considering adjusting their payroll administration model even though a third 35 plan to expand into new global markets Only one in five of the respondents 22 currently have a global payroll model but this applies mainly to organizations that operate in mature markets and therefore are more likely to be able to adopt a truly consistent model Jeff Brown Principal Human Capital EY says Accepting the status quo in payroll solutions may have worked in the past but it is no longer adequate for companies that need to compete and expand in the global marketplace Organizations need global payroll data to make important business decisions Managers can build the business case based on risk and compliance to improve payroll operations but access to the payroll data is proving to be very value added It s time for organizations to begin viewing payroll as a critical business process that requires a global solution with local flexibility The survey also reveals that Just 15 of respondents believe that the effectiveness of their current payroll policies and practices are excellent and meeting best practice The majority of respondents 54 regard their current payroll setup as good

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News_Multinationals-failing-to-adopt-transformative-payroll-techniques (2016-02-10)
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