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  • Family business, succession strategy, transition planning: PwC Global
    time is right Transition planning is one area where your leverage tends to diminish with time The decisions you make will affect the future of your business customers employees and most importantly yourself and your family Therefore it is often wise to solidify a business succession plan sooner rather than later We invite you to contact us to explore how we can help you turn your moment of biggest challenge into one of your biggest opportunities to create a legacy of success Case studies Transferring the family business to four children The client s challenge The founder wanted to transfer the family business to his four children He was concerned however about what would happen if one or all of his children developed financial problems or wanted to sell their share in the family business for cash The founder also wanted to ensure that no non family member could become a shareholder in the family business Our response We helped our client create a step by step succession strategy We also drafted individualised donation contracts including tailor made withdrawal rights whereupon given certain events such as bankruptcy of one of his children that child s share would revert back to the founder Additionally we drafted new articles of association for the company including special provisions preventing the transfer of shares to non family members without the consent of the other shareholders No successors available in the family The client s challenge The founder of the family business had no sufficiently qualified successors in his family Nonetheless he wanted the business to thrive for the long term securing earnings for the benefit of the family and continuing to operate in his spirit even after his death Therefore he decided that a sale to an outside party would not be an option Our response We presented several options to the founder The one he selected was a transfer of the business to a family trust Although the family forfeited ownership of the business upon its transfer to the trust we designed special provisions for the trust s by laws ensuring that family members would continue to participate indefinitely in the profits of the business We also incorporated in the by laws certain management guidelines which safeguarded the spirit of the founder into the future The sale to third parties Plan B The client s challenge The founder did not wish to transfer the business to family members because he saw no family member qualified to manage it He decided his only option was to sell the business to a third party Our response We helped the founder with several transaction related activities including preparing the necessary documents editing the financial data and performing due diligence Later we helped him assess the various purchase offers select the best offer and optimise the tax structure of the family business prior to closing We also drafted the purchase agreement and supported the founder in his negotiations with the purchaser Sudden death of the founder without

    Original URL path: http://www.pwc.com/gx/en/services/family-business/business-transition.html (2016-02-10)
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  • Family business, private wealth: PwC Global
    and your family grow and protect your wealth As a successful family business owner you need a strategy for protecting your personal wealth and structuring it for growth This is particularly the case within a global ecosystem characterised by increasing complexity and often duplicative tax regimes If you travel between own assets in or run businesses from a variety of jurisdictions you require multijurisdictional solutions to your tax regulatory and commercial issues You need advisors who not only know all the rules but also know how they will be applied to your unique situation Practical business focussed wealth solutions While our global network of family business professionals includes tax and pension specialists lawyers corporate finance and investment consultants they are all first and foremost business advisors to our private clients Our network covers many major and emerging countries to provide you with a fast and efficient answer to your issues That means we provide innovative and robust advice in a practical and commercial way you ll be able to understand You don t need to have a detailed knowledge of international tax law finance or complex cross border regulatory risk because we ll explain these to you Here are some of the services we provide our high net worth family business clients Effective tax planning We can help you structure the way you hold your business interests and investments to ensure you take full advantage of any reliefs double tax treaties and EU treaties that are available Estate and gift planning We advise families on the sometimes emotional issue of passing on the family wealth in the most tax advantageous way carefully factoring in the unique gift and wealth tax and legal regime in each jurisdiction you may be involved with Family offices We provide a full array of business services to your family offices wherever they are located including valuation corporate finance risk assurance investment structuring and management and of course tax and legal services Risk management We ensure that our clients manage their investment risks with counterparties providing assurance over the stewardship of their assets as well as managing the tax and regulatory risks of operating in different jurisdictions We help you sleep at night We invite you to contact us to learn more about our comprehensive solutions for wealthy private clients What makes family businesses different Insights from around the world It is important to teach each new generation early on the difference between ownership and stewardship Ownership is a right of possession Stewardship is a fiduciary role It is holding the institution in trust for the next generation We feel as a family that this institution has been passed on to us for our care and not for us to dissipate or do what we will with it for our personal gain Jaime Augusto Zobel de Ayala Ayala Corporation Philippines Founded in 1834 Being both the CEO and the owner makes you constantly questioned but at the same time never questioned at all Karin Bodin Managing

    Original URL path: http://www.pwc.com/gx/en/services/family-business/private-wealth.html (2016-02-10)
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  • Family business, values, and corporate responsibility: PwC Global
    family owned enterprise can be a powerful motivator not only for a personal and business commitment but for a record of positive values based impact that can span generations We invite you to contact us to explore how we can help you understand your values and make them work for you in every arena that is important to you Case studies Investing family wealth for social impact The client s challenge The family business had grown to a point where it needed to make a significant change in order to continue to compete effectively in the global market After much thought the family came to the difficult decision that the best way forward would be to sell the company to a large multinational The business remains the largest employer in the region where it was founded two generations ago The family viewing this as a serious responsibility were keen to use part of the proceeds from the sale to create positive social change in their home region At the same time they wanted to use exclusively entrepreneurial principles in setting up an organisation dedicated to helping those who were unable to help themselves Our response We helped the family sharpen their understanding of what social impact they desired to accomplish and how it related to their family values We then assessed the opportunities for their investment including a review of the business models of the short listed options At the end of this process the family was able to decide with confidence which option they wanted to pursue We then helped them start their social enterprise it became operational quickly Making family involvement in philanthropy a success The client s challenge Certain members of a family in business from both the senior and the next generation had an interest at the individual level in philanthropy While their involvement in philanthropic endeavours mirrored to a certain extent the family business values there were no common giving principles The family council recognised the importance of giving back and was conscious as well of philanthropy s potential for strengthening the bonds between family members and building a stronger family culture So it decided to create a more structured approach to the family s philanthropic efforts Our response We worked with the family council to find common ground around their philanthropic goals and helped them identify which types of investments would be viable and which would not in the context of the family s values We then analysed the members existing philanthropic projects and embedded them into a larger overall framework We also advised on the most appropriate structures to enable their philanthropic investments to be controlled effectively and helped implement a simple mechanism to evaluate the investment impact on a regular basis Managing the cultural change from a merger The client s challenge The family advisory board feared that the post merger integration with another family firm could be impaired by conflicts arising from the two diverging cultures divergences which were predominantly related

    Original URL path: http://www.pwc.com/gx/en/services/family-business/values.html (2016-02-10)
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  • Family business services: PwC
    Middle East Netherlands Russia Singapore South Africa South Korea Spain Sweden Switzerland United Kingdom United States Complete list of PwC territory sites Family business services Building lasting value from family values Strategy and growth It s about the long term Governance Building a culture of trust Business transition Turning generational change into a success Private wealth Growing and protecting your wealth Values Towards a culture of responsible ownership Helping families and their businesses achieve their long term goals As a family owned business you face unique challenges You also have unique strengths Where other companies might measure success in quarters you measure them in generations Where others might focus uniquely on value you also focus on values including preserving the company for the next generation and perhaps making your mark on the world On the other hand family dynamics and non business considerations can derail even the most profitable enterprise particularly when catalysed by events such as a generational transition or an external economic crisis At PwC we know that the most successful family firms are those in which there is a good balance between professional management responsible business ownership and a healthy family dynamic We have a keen understanding of the unique dynamics of family business and we have the tools experience and focus to help you optimise the positive forces in your family enterprise while anticipating and minimising any conflicts or perturbations No matter what your size industry or market PwC s family business advisors are there to assist you From strategy and governance to business transition and private wealth to putting your values in action we have the tools people and presence to help you manage your family enterprise and build lasting value We invite you to explore our family business services and to contact us for

    Original URL path: http://www.pwc.com/gx/en/services/family-business/contacts.html (2016-02-10)
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  • Family Business Services: Family Offices: PwC
    few ways a family office can benefit a family Protecting family wealth by ensuring it is structured in compliance with relevant legislation and regulation requirements Spreading investment risk by diversifying family wealth Improving family cohesion and generational transition by enabling debate within the family about strategic asset allocation and key investment decisions Clarifying governance over how the family stewards its wealth by establishing proper processes to manage the assets Managing the personal affairs of family members making your lives easier As with any aspect of your business a family office must be carefully planned and professionally managed When organised efficiently its benefits far outweigh the costs not only in financial terms but also in terms of personal time and commitment required Creating a highly confidential and independent environment to steward family wealth If the family wealth is of significance it makes sense to consider establishing a single family office SFO An SFO allows the family to pursue its own customised wealth management approach and guarantees the highest degree of confidentiality While legal and tax expertise financial and possibly global custody services would be outsourced an SFO provides your family a lean platform for making major investment decisions If the family wealth to be invested is of lesser significance a multi family office MFO offers different families the opportunity to achieve independence as well as certain benefits of scale in managing wealth including shared resources due diligence investment processes and fees There are various types of multi family offices in the market from subsidiaries of financial services providers to independent offices Practical solutions Control quality and security PwC is here to help you decide which platform SFO or MFO is right for you and assists you in setting it up Should family circumstances change we assist you in reorganising your family office as needed We help you integrate single family offices split multi family offices or shift operations to other jurisdictions We provide a full array of business services to your single multi family office including Support in the design and implementation of risk management and compliance systems Tax and legal services Advising on the most effective governance and risk assurance mechanisms to protect the assets Helping in the development of an investment management platform Consulting on the valuation of your assets from real estate to private equity investments A well run family office can reinforce the special and powerful quality that makes families in business exceptional Your family s wealth deserves to be managed as professionally and successfully as you run your business We invite you to contact us to explore how we can help you protect and structure your family wealth What makes family businesses different Insights from around the world It is important to teach each new generation early on the difference between ownership and stewardship Ownership is a right of possession Stewardship is a fiduciary role It is holding the institution in trust for the next generation We feel as a family that this institution has been

    Original URL path: http://www.pwc.com/gx/en/services/family-business/values/office-services.html (2016-02-10)
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  • Family Business Services: Philanthropy and Values: PwC
    philanthropic commitment Giving back yields substantial dividends both inside and outside your firm Not only can it be a positive extension of your family s values into the world family philanthropy can also be an excellent way to teach the next generation about financial stewardship and the good that wealth can accomplish while deepening intergenerational bonds further strengthening your business But how best to achieve the positive impact you desire As with any other aspect of your business a philanthropic enterprise must be planned carefully and executed with precision Making philanthropy a cornerstone of your business Whatever your philanthropic vision and whatever its form be it through the family firm the family foundation s or as an individual family member we can help you make it a reality At PwC we adopt a simple highly effective approach Stage I Developing your philanthropy road map Clarifying your family s philosophy and values Finding consensus on philanthropic goals impacts and risk return objectives Identifying which type of investments are viable and which are not Providing clarity on how the desired impact should represent the family values and reflect the family business brand e g philanthropy as a public or private matter Stage II Analysing the full spectrum of opportunities Creating a comprehensive list of possible impact investments Evaluating the various options for their social environmental or other desired impact Helping narrow down the short list to your favourite choice s Stage III Making the investments Finding the most appropriate structures and investment vehicles charitable trust foundation new business unit alternative investment etc for your philanthropic enterprise Enabling investments to be controlled effectively Stage IV Monitoring the impact against your philanthropic goals Evaluating impacts and reviewing progress on your philanthropy road map Maintaining focus on optimising impact investment performance Provide assurance over the stewardship of assets and assisting with compliance needs From investment to family testament A successful family philanthropy can be a wonderful testament to a family s values It can be the realisation of a meaningful shared or personal vision And it can bind together a family across generations reinforcing the special and powerful quality that makes family business exceptional We invite you to contact us to explore how we can help you extend your values into successful philanthropic enterprises What makes family businesses different Insights from around the world It is important to teach each new generation early on the difference between ownership and stewardship Ownership is a right of possession Stewardship is a fiduciary role It is holding the institution in trust for the next generation We feel as a family that this institution has been passed on to us for our care and not for us to dissipate or do what we will with it for our personal gain Jaime Augusto Zobel de Ayala Ayala Corporation Philippines Founded in 1834 Being both the CEO and the owner makes you constantly questioned but at the same time never questioned at all Karin Bodin Managing Director Polarbröd Founded in 1972

    Original URL path: http://www.pwc.com/gx/en/services/family-business/values/philanthropy.html (2016-02-10)
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  • Inform – IFRS online: PwC
    Aspire to lead PwC s series on leadership and gender equality Country job search Explore careers with Strategy Press room Facts and figures Press contacts Analyst relations Global International PwC Sites Commonly visited PwC sites Global Australia Brazil Canada China Hong Kong France Germany India Italy Japan Mexico Middle East Netherlands Russia Singapore South Africa South Korea Spain Sweden Switzerland United Kingdom United States Complete list of PwC territory sites Inform your online tool for IFRS and local GAAP How do you keep up to date with International Financial Reporting Standards IFRS and developments in your local GAAP Inform is our online resource for finance professionals globally covering financial reporting under IFRS As a standalone website it allows you to access the latest IFRS information wherever you are 24 hours a day Inform also includes local GAAP content for the US UK Australia Canada Netherlands Japan Register now Use Inform to access the latest IFRS news PwC guidance webcasts research materials and full text of the standards Features include E mail news alerts Keeping you up to date on the latest developments in IFRS Comprehensive reference library Reduce your research time by searching the vast research database that includes the full text of the international accounting and auditing standards and IFRIC interpretations international exposure drafts SIC interpretations EU directives and much more Detailed guidance Get the latest fully searchable version of our comprehensive Manual of accounting and detailed guidance issued as soon as new developments occur Topic summaries View key information on each of the major accounting topic areas along with links to related standards and resources Real life questions and answers View over 1 000 real life questions on current financial reporting standards compiled by our Accounting Consulting Services experts Best practice examples Search thousands of best practice examples

    Original URL path: http://www.pwc.com/gx/en/services/audit-assurance/ifrs-reporting/pwc_inform_ifrs_online.html (2016-02-10)
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  • Manual of accounting: IFRS 2015: PwC
    PwC Professional Employability Aspire to lead PwC s series on leadership and gender equality Country job search Explore careers with Strategy Press room Facts and figures Press contacts Analyst relations Global International PwC Sites Commonly visited PwC sites Global Australia Brazil Canada China Hong Kong France Germany India Italy Japan Mexico Middle East Netherlands Russia Singapore South Africa South Korea Spain Sweden Switzerland United Kingdom United States Complete list of PwC territory sites Manual of accounting IFRS 2016 The comprehensive guide to International Financial Reporting Standards Order now PwC s Manual of accounting IFRS is a practical guide to IFRS It contains straightforward explanations on how to prepare financial statements in accordance with the IFRSs issued by the International Accounting Standards Board IASB The Manual of accounting IFRS 2016 is a three volume set comprising Manual of accounting IFRS 2015 Volumes 1 and 2 Manual of accounting IFRS 2015 supplement published December 2015 Key changes from the previous edition The Manual of accounting IFRS 2015 Supplement should be read in conjunction with Volumes 1 and 2 It provides guidance on the following IFRS 9 Classification and measurement IFRS 9 Impairment IFRS 9 Hedge accounting IFRS 15 Revenue from contracts with customers Appendix to the illustrative accounts for IFRS 9 Financial instruments Appendix to the illustrative accounts for IFRS 15 Revenue from contracts with customers Summary of minor changes to the existing chapters in the Manual Volumes 1 and 2 Pricing and order details The set is priced at 130 plus postage and packaging p p Orders can be placed online at www ifrspublications com PwC audit clients and alumni are entitled to purchase the three volume set at the discounted rate of 65 plus p p To place your order either call 44 0 20 7213 4030 or email inform

    Original URL path: http://www.pwc.com/gx/en/services/audit-assurance/ifrs-reporting/manual-of-accounting.html (2016-02-10)
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