Round-Up of News on the Audit and Accounting Front

I’ve come across a few interesting stories for accountants and Auditors.

Accountants to Assess Impact of IFRS in Europe

The US accounting website, accountingTODAY have reported, here, that the European Commission has appointed the Mazars and the Institute of Chartered Accountants in England and Wales (ICAEW) to team up on a report assessing the effects of using International Financial Reporting Standards (IFRSs) in the European Union.

The project will run until the autumn of 2014. “The task of Mazars and ICAEW is to take stock after eight years of IFRS reporting in the EU and assess the impact of the switch to IFRS on the comparability and transparency of the financial reports of European companies,” said ICAEW executive director Robert Hodgkinson in a statement. “Our work is intended to help the European Commission determine whether or not the implementation of the 2002 IAS Regulation has delivered the expected benefits. ICAEW looks forward to working closely with Mazars and the European Commission on this important project in the coming months.”

You can read the full story on EziaNews here.

HMRC treats LLPs like ‘avoidance vehicles’ says OTS

According to an article on accountancyLIVE, here, HMRC generally treats partnerships and LLPs in particular, as if they were exclusively avoidance vehicles, the authors of a report into partnership taxation were told, during their review of the rules affecting 420,000 business partnerships.

The report, published by the Office of Tax Simplification, also raised HMRC’s stance on partnerships – and LLPs in particular –as ‘one of the most sensitive issues’.

OTS researchers and authors – Roger Jones, Martin Gunson and Gareth Jones – said in their report: ‘Echoes of this came in some of our meetings with HMRC staff, though at senior levels HMRC are categorical that this is not the case.’

You can read the full story on EziaNews here.

EC approves amendments to UK scheme financing SMEs

This week, the European Commission commented on amendments to a UK scheme allowing publicly-backed funds to invest in Small and Medium Enterprises (SMEs) affected by a market failure, to be in line with EU state aid rules. In particular, they said the measure encourages private investment in SMEs while limiting distortions of competition in the Single Market, adding: “Good cooperation with the UK authorities has enabled us to come to a quick conclusion on the improved Enterprise Capital Funds scheme. The scheme will help SMEs in the UK getting a more efficient and adequate access to finance, in line with the objectives of the Commission’s forthcoming guidelines on risk finance aid”.

You can read the full story on EziaNews here.

Being mobile-friendly is a key part of good customer service

Today, Guardian Professional said, here, that many businesses are neglecting the potential of mobile phones for connecting with their customers. The need for businesses to be mobile friendly is becoming more and more apparent. Making it quick and easy for consumers to be able to purchase your products and services via mobile devices provides businesses with a whole new way to generate sales and connect with customers. However, according to research by EPiServer, 80% of UK companies are still ignoring the mobile revolution.

If you are interested in connecting properly with your client, I suggest you read the article. You can read the full story on EziaNews here.