UAE to cut VAT impact on gold, diamond dealers

UAE’s Federal Tax Authority, FTA, said that the new Cabinet Decision issued to regulate value-added tax (VAT) incurred by gold and diamond dealers improves their cash flow and reduces their tax burden.

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Banking’s Latest Balancing Act: GDPR Brings Benefits, Burdens and Intricate Challenges

Understand the key requirements behind the GDPR and how the legislation has the potential to serve as a healthy, scalable and exportable regime that could become an international benchmark.

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Global economy growing strong: OECD

The global economy is experiencing stronger growth, driven by a rebound in trade, higher investment and buoyant job creation, and supported by very accommodative monetary policy and fiscal easing, according to the Organisation for Economic Co-operation and Development’s (OECD) latest Economic Outlook.

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Fraud biggest business risk after cyber-attacks

Forty-eight per cent of Middle East businesses cited fraud and corruption as the greatest risk to their company, followed by cyber attacks (38 per cent), according to the Global Fraud Survey conducted by professional services firm EY.

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Envisioning the Future—Survey on the IAASB’s Future Strategy

The International Auditing and Assurance Standards Board (IAASB) has started the consultation process about its future strategy. Today it releases a Strategy Survey to seek views and insights from its stakeholders on emerging developments and trends that are likely to be important to its 2020-2023 strategy.

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Differences between the FASB and IASB lease accounting standards, and how companies can prepare for both

Accounting and finance organizations for many multinational businesses are currently working to create plans for two separate lease accounting standards: the Financial Accounting Standards Board’s ASC 842 and the International Accounting Standards Board’s IFRS 16.

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Reforming the Big Four

The audit industry needs fixing. But dismantling the Big Four is not the way to do it.

When a company goes bankrupt, recriminations tend to follow. Even so, the fury caused by the recent collapse of Carillion, a British contracting firm, is unusual. A report on the debacle by British MPs, which was released this month, savaged everyone from the firm’s executives to its regulators. But the MPs reserved special bile for the Big Four accounting firms—not just KPMG, which audited Carillion’s accounts for 19 years, but also its peers, Deloitte, EY and PwC, each of which extracted fees from the company, before and after its fall. The MPs have called for a review into the audit market and asked it to say whether the Big Four’s British arms should be broken up. The row is local, but concerns about the industry are global.

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BEPS standards adoption grows

More governments have brought their preferential tax regimes in line with the OECD/G20 standards to improve the international tax framework.

The Inclusive Framework on Base Erosion and Profit Shifting (BEPS), which brings together over a 100 countries and jurisdictions to collaborate on the implementation of the OECD/ G20 BEPS Package, has updated the results for preferential regime reviews conducted by the Forum on Harmful Tax Practices (FHTP) in connection with BEPS Action 5, which is one of the four BEPS minimum standards relating to transparency and preferential tax regimes.

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Data Is a ‘Tangible’ Asset

There are compelling reasons to start thinking deeply about how to value a company’s data assets for accounting purposes.

Much talk is swirling around the need to value a company’s data as a business asset on its balance sheet. The idea is compelling. Data, in the right hands, is often as valuable as land, buildings, and equipment.

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AI will not replace accountants but instead, it will augment accountants’ intelligence

During its annual developers conference, which kicked off May 8, Google showcased a system named “Duplex AI,” a new technology for conducting natural conversations to carry out real-world tasks over the phone. Google will start testing the technology with the Google Assistant on smartphones to help users set up appointments without the user needing to make actual phone calls themselves – i.e., the AI system will make the call on user’s behalf.

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