The Big Switch: U.S. GAAP to IFRS. Kendra Huff CBA Summer Grant Project
|
|
- Charlotte Thornton
- 6 years ago
- Views:
Transcription
1 The Big Switch: U.S. GAAP to IFRS Kendra Huff CBA Summer Grant Project
2 Introduction The International Accounting Standards Board (IASB), along with numerous international bodies, has spent many years working on a set of International Financial Reporting Standards (IFRS) that are acceptable worldwide all EU companies required to use IFRS to prepare financials. Prior to 2007, foreign firms trading in US markets were required to prepare a reconciliation to US GAAP. After 2007, foreign firms were allowed to use IFRS without reconciliation. Also in 2007, SEC proposed timeline for US corps to switch to IFRS by This has not happened and there is no set date for implementation. This part of the study reviews the some of the issues surrounding IFRS adoption and provides information regarding the current use of IFRS in the US.
3 International Financial Reporting Standards 138 jurisdictions across Europe, Africa, the Middle East, Asia-Oceania and the Americas 94% committed to the use of IFRS as global accounting standards 83% require the use of IFRS for reporting by public corporations Mission of IASB: To develop, in the public interest, a single set of high quality, understandable and enforceable global accounting standards that require high quality, transparent and comparable information in financial statements and other financial reporting to help participants in the world s capital markets and other users make economic decisions.
4 Increase of foreign investment in capital markets worldwide, investors need assurance that the information they are relying on for decisions is relevant, reliable and comparable. Purported benefits of IFRS: Allows for increased comparability and transparency of financial information. Consistent and rigorous application leads to higher quality information resulting in more efficient markets and ultimately lower cost of capital. The U.S. and FASB have not completely jumped on board with the conversion.
5 IFRS Adoption SEC - key elements required for adoption of IFRS: core set of high quality accounting standards that form a comprehensive, accepted basis of accounting, with comparability, transparency and full disclosure. Standards must be rigorously interpreted and applied. Hard to ensure as IASB does not have the power to regulate capital markets. Must find ways to convince market regulators that enforcement of standards is necessary for the successful implementation of IFRS.
6 Nolke (2005): noted that national accounting standards are detrimental to the growth of foreign investment in capital markets - lack of transparency affects the analysis of financial statements. Irvine & Lucas (2006) With increasing globalization, IFRS lead to the increase of global companies as well increased activity by regulatory agencies. Kothari and Borone (2006) concur - investors encounter difficulties interpreting financial information prepared according to national accounting standards which may be alleviated by the implementation of IFRS. Main benefits of IFRS adoption - increased foreign investment, ease of financial statement comparison and reduced statement preparation costs as one set of financial statements can be used in multiple markets (Akgun, 2013).
7 Hope, Jin & Kang sampled 38 countries to try to determine the characteristics leading to the decision to adopt IFRS (as of 2004). Countries with weak shareholder protection are more likely to adopt IFRS, a finding which is in direct contrast to one of the main purposes of IFRS institutionalization. Florou & Pope (2012) found that mandatory adoption of IFRS did lead to an increase in investment. In countries with strong enforcement and reporting incentives. Also found a high degree of difference between the local GAAP and IFRS.
8 Accounting Quality & Comparability Barth et al. (2007) studied the effect of IFRS on accounting quality. Sample 327 companies (1,896 firm years), 21 countries, adopted IFRS between 1994 and Found these companies generally applied less earnings management, more timely loss recognition and more value relevant accounting amounts than a matched sample of non-u.s. GAAP companies. Results indicated that accounting numbers for IFRS firms are associated share prices and returns. Atwood (2011) reported that no significant difference in earnings between IFRS and US GAAP was found but that IFRS losses are more persistent. Findings also showed that IFRS earnings are less predictive regarding future cash flows than are US GAAP earnings. Wang (2012) showed a significant increase in income smoothing, an aggressive use of accruals and decrease in the timeliness of loss recognition with IFRS use. (Contrary to Barth)
9 Barth, et al. (2012) studied a matched sample of IFRS companies from 27 countries, between , and US companies matched by size and industry. Purpose - to determine whether IFRS accounting numbers were comparable to US GAAP accounting numbers. Comparability was the highest for companies from countries with mandatory adoption, common law countries, and strong enforcement of standards. IFRS application was found to have a significant effect on stock price, return and cash flow comparability before/after the adoption of IFRS. Repeated study over accounting comparability was even greater, supporting the IASB efforts towards accounting convergence. Findings support that the value relevance of earnings and book value as stock price was found to increase with IFRS adoption - investors can interpret the amounts and their relationship when numerous firms apply IFRS.
10 Stock Price and IFRS Armstrong et al. (2010) studied the effect on stock price of 16 events leading up to the mandatory conversion. Firms that had lower quality pre-adoption accounting information - effect of IFRS was positive. Also found a positive reaction to IFRS events even for companies from countries with high quality pre-adoption information. Findings are consistent with the idea that investors expect net convergence benefits from IFRS adoption. Hail (2010) - argued that regarding the U.S. stock market for non-us companies, evidence of the benefits often associated with IFRS adoption is not present. Loureiro & Taboada (2012) attempt to determine the effect of mandatory and voluntary IFRS adoption of stock price informativeness. Sample of 3,994 firm years, 30 countries, Mandatory adopters actually experience a significant decrease in stock price informativeness after IFRS adoption while voluntary adopters do not
11 U.S. Adoption of IFRS Only a few major countries have yet to officially adopt IFRS: the US, Japan, India and China foreign companies allowed to prepare financials using IFRS. Hoped that elimination of the US GAAP reconciliation would result in an increase of foreign company listings, and In the use of IFRS for financial statement preparation SEC issued a report evaluating the full adoption of IFRS by the US but the report did not include any recommendations for adoption. Kaya (2013) reviewed the annual reports of US-listed foreign companies, % in 2009 and 23% in 2010 of foreign filers used IFRS
12 Barth (2008), Daske (2008) and Armstrong (2010) Performed studies which provided evidence showing positive effects of European adoption of IFRS on the quality of financial reporting. US GAAP already consists of high quality standards and it isn t clear that the same positive effect would be found if the US switches to IFRS. Joos & Leung (2013) attempted to determine US reaction to potential IFRS adoption. Studied investor reaction to several public events related to IRFS adoption. Should investors believe that IFRS adoption is beneficial, a positive market reaction should be observed if events indicate IFRS adoption. Sample - all domestic US firms, Studied stock market reaction to a number of events surrounding the adoption of IFRS. In cases where adoption was expected to positively impact conversion benefits, investors also reacted positively.
13 Data & Analysis Identified foreign firms trading in the U.S Reviewed annual reports to determine accounting standards being applied. Non-U.S. firms allowed to use IFRS after 2007 should expect to see an increase in number of firms trading in US. Used EDGAR to find annual reports
14 23% decrease in # firms from % decrease from
15 Non-US Companies trading on NYSE Country # Companies US GAAP IFRS Other Unknown % IFRS Argentina % Australia % Belgium % Bermuda % Brazil % British Virgin Islands % Canada % Cayman Islands % Chile % China % Columbia 2 2 0% Denmark % Finland % France % Germany % Greece 1 1 0% Guernsey 1 1 0% Hong Kong % India % Ireland % Isle of Man % Israel % Country # Companies US GAAP IFRS Other Unknown % IFRS Italy % Japan % Jersey % Korea % Liberia 1 1 0% Luxembourg % Marshall Islands % Mexico % Netherlands % Norway % Panama % Peru % Philippines % Portugal 1 2 0% Russia 2 2 0% South Africa % Spain % Switzerlland % Taiwan % Turkey % United Kingdom % %
16 96% of firms from the United Kingdom used IFRS - EU countries have been required IFRS since % of firms from China used IFRS. China currently requires the use of their own national standards for local listings. 81% of Brazilian firms used IFRS. Brazil requires IFRS for local markets and for US filings as well. Countries with a smaller number of firms comprise a large percent of those using IFRS, many of these firms are from EU countries. Canada adopted IFRS in Argentina, Chile, Mexico, and the Netherlands all require the use of IFRS. Bermuda, the Cayman Islands, and Japan permit the use of IFRS. A brief review of the annual reports of firms choosing US GAAP revealed that the choice was often made because the firm only listed on US markets.
17 What is next? Is IFRS based financial information valued? Following working equation will be used to determine the relevance of accounting information: sp i,t = β 1 IFRS i,t + β 2 BVPS i,t + β 3 EPS i,t + ε i,t where: sp i,t = stock price of firm i at the end of the reporting period; IFRS is a dummy variable (0 year before conversion, 1 year after); BVPS i,t = book value per share of firm i at time t; EPS i,t = earnings per share of firm i and time t (Ricciardi & Kufstein, 2012). Equation will be applied the year before and the year after conversion to IFRS to see if IFRS made a difference. Working on data collection using Capital IQ.
Registration of Foreign Limited Partnerships in the Cayman Islands
Registration of Foreign Limited Partnerships in the Cayman Islands Preface This publication has been prepared for the assistance of those who are considering registration of a foreign limited partnership
More informationFOREIGN ACTIVITY REPORT
FOREIGN ACTIVITY REPORT SECOND QUARTER 2012 TABLE OF CONTENTS Table of Contents... i All Securities Transactions... 2 Highlights... 2 U.S. Transactions in Foreign Securities... 2 Foreign Transactions in
More informationCorrigendum. OECD Pensions Outlook 2012 DOI: ISBN (print) ISBN (PDF) OECD 2012
OECD Pensions Outlook 2012 DOI: http://dx.doi.org/9789264169401-en ISBN 978-92-64-16939-5 (print) ISBN 978-92-64-16940-1 (PDF) OECD 2012 Corrigendum Page 21: Figure 1.1. Average annual real net investment
More informationBRINKER CAPITAL DESTINATIONS TRUST
Important 2018 Tax Information Regarding Your Mutual s BRINKER CAPITAL DESTINATIONS TRUST The following tax information is furnished for informational purposes only. Please consult your tax advisor for
More information% 38, % 40, % 2,611 2,
3 DECEMBER 6 OPEN ENDED Number of Net Value of Number of Total Value Total Value Net New Date Authorised/Registered Schemes Registered of Sales of Repurchases Investment Schemes ( mn) Holders ( mn) ( mn)
More informationTAXATION (IMPLEMENTATION) (CONVENTION ON MUTUAL ADMINISTRATIVE ASSISTANCE IN TAX MATTERS) (AMENDMENT OF REGULATIONS No. 3) (JERSEY) ORDER 2017
Taxation (Implementation) (Convention on Mutual Regulations No. 3) (Jersey) Order 2017 Article 1 TAXATION (IMPLEMENTATION) (CONVENTION ON MUTUAL ADMINISTRATIVE ASSISTANCE IN TAX MATTERS) (AMENDMENT OF
More informationBRITISH VIRGIN ISLANDS MUTUAL FUNDS
BRITISH VIRGIN ISLANDS MUTUAL FUNDS This article has been prepared for the assistance of those who are considering the formation of a mutual fund in the British Virgin Islands ( BVI ). It deals in broad
More informationCorporate Governance and Investment Performance: An International Comparison. B. Burçin Yurtoglu University of Vienna Department of Economics
Corporate Governance and Investment Performance: An International Comparison B. Burçin Yurtoglu University of Vienna Department of Economics 1 Joint Research with Klaus Gugler and Dennis Mueller http://homepage.univie.ac.at/besim.yurtoglu/unece/unece.htm
More informationGlobal Forum on Transparency and Exchange of Information for Tax Purposes. Statement of Outcomes
Global Forum on Transparency and Exchange of Information for Tax Purposes Statement of Outcomes 1. On 25-26 October 2011, over 250 delegates from 84 jurisdictions and 9 international organisations and
More informationRev. Proc Implementation of Nonresident Alien Deposit Interest Regulations
Rev. Proc. 2012-24 Implementation of Nonresident Alien Deposit Interest Regulations SECTION 1. PURPOSE Sections 1.6049-4(b)(5) and 1.6049-8 of the Income Tax Regulations, as revised by TD 9584, require
More informationTotal Imports by Volume (Gallons per Country)
5/4/2016 Imports by Volume (Gallons per Country) YTD YTD Country 03/2015 03/2016 % Change 2015 2016 % Change MEXICO 53,821,885 60,813,992 13.0 % 143,313,133 167,568,280 16.9 % NETHERLANDS 11,031,990 12,362,256
More informationReporting practices for domestic and total debt securities
Last updated: 27 November 2017 Reporting practices for domestic and total debt securities While the BIS debt securities statistics are in principle harmonised with the recommendations in the Handbook on
More informationInternational Statistical Release
International Statistical Release This release and additional tables of international statistics are available on efama s website (www.efama.org). Worldwide Investment Fund Assets and Flows Trends in the
More informationFinancial wealth of private households worldwide
Economic Research Financial wealth of private households worldwide Munich, October 217 Recovery in turbulent times Assets and liabilities of private households worldwide in EUR trillion and annualrate
More informationInternational Statistical Release
International Statistical Release This release and additional tables of international statistics are available on efama s website (www.efama.org) Worldwide Investment Fund Assets and Flows Trends in the
More informationSan Francisco Retiree Health Care Trust Fund Education Materials on Public Equity
M E K E T A I N V E S T M E N T G R O U P 5796 ARMADA DRIVE SUITE 110 CARLSBAD CA 92008 760 795 3450 fax 760 795 3445 www.meketagroup.com The Global Equity Opportunity Set MSCI All Country World 1 Index
More informationThe outcomes of the meeting which were agreed by participants 1, as well as the next steps in the process, are set out below 2.
Summary of Outcomes of the Meeting of the Global Forum on Transparency and Exchange of Information for Tax Purposes Held in Mexico on 1-2 September 2009 178 delegates from over 70 jurisdictions and international
More informationIMPORTANT TAX INFORMATION
00126803 IMPORTANT TAX INFORMATION Dear Hartford Funds Shareholder: The following information about your enclosed 1099-DIV from Hartford Funds should be used when preparing your 2014 tax return. The information
More informationPENTA CLO 2 B.V. (the "Issuer")
THIS NOTICE CONTAINS IMPORTANT INFORMATION OF INTEREST TO THE REGISTERED AND BENEFICIAL OWNERS OF THE NOTES (AS DEFINED BELOW). IF APPLICABLE, ALL DEPOSITARIES, CUSTODIANS AND OTHER INTERMEDIARIES RECEIVING
More informationKPMG s Individual Income Tax and Social Security Rate Survey 2009 TAX
KPMG s Individual Income Tax and Social Security Rate Survey 2009 TAX B KPMG s Individual Income Tax and Social Security Rate Survey 2009 KPMG s Individual Income Tax and Social Security Rate Survey 2009
More informationIRS Reporting Rules. Reference Guide. serving the people who serve the world
IRS Reporting Rules Reference Guide serving the people who serve the world The United States has and continues to maintain a policy of not taxing the deposit interest earned by United States (US) nonresidents
More informationAUTOMATIC EXCHANGE OF INFORMATION (AEOI)
AUTOMATIC EXCHANGE OF INFORMATION (AEOI) As the world becomes increasingly globalised, money can be transferred from one jurisdiction to another with ease. While this may help to facilitate trade and boost
More informationOrganisation de Coopération et de Développement Économiques Organisation for Economic Co-operation and Development
Unclassified English/French Unclassified Organisation de Coopération et de Développement Économiques Organisation for Economic Co-operation and Development 25-Sep-2009 English/French COUNCIL Council DECISION
More informationGlobal Tax Reset Transfer Pricing Documentation Summary. February 2018
Global Tax Reset Transfer Pricing Summary February 2018 Global Tax Reset Transfer Pricing Summary Overview The Global Tax Reset Transfer Pricing Summary ( Guide ) compiles essential country-by-country
More informationAPA & MAP COUNTRY GUIDE 2017 DENMARK
APA & MAP COUNTRY GUIDE 2017 DENMARK Managing uncertainty in the new tax environment DENMARK KEY FEATURES Competent authority Danish Tax Office ( SKAT ) APA provisions/ guidance Types of APAs available
More informationTotal Imports by Volume (Gallons per Country)
3/7/2018 Imports by Volume (Gallons per Country) YTD YTD Country 01/2017 01/2018 % Change 2017 2018 % Change MEXICO 54,235,419 58,937,856 8.7 % 54,235,419 58,937,856 8.7 % NETHERLANDS 12,265,935 10,356,183
More informationFinancial law reform: purpose and key questions
Conference on Cross-Jurisdictional Netting and Global Solutions Update on Netting in Asia May 12, 2011 London School of Economics and Political Science Peter M Werner Senior Director ISDA pwerner@isda.org
More informationEQUITY REPORTING & WITHHOLDING. Updated May 2016
EQUITY REPORTING & WITHHOLDING Updated May 2016 When you exercise stock options or have RSUs lapse, there may be tax implications in any country in which you worked for P&G during the period from the
More informationCross-border audit oversight
September 2013 Cross-border audit oversight The equivalence of systems of public oversight, quality assurance, investigation and penalties for the audit profession in the European Union and third countries
More informationWhen will CbC reports need to be filled?
Who will be subject to CbCR? Country by Country Reporting (CbCR) applies to multinational companies (MNCs) with a combined revenue of euros 750 million or more When will CbC reports need to be filled?
More informationa closer look GLOBAL TAX WEEKLY ISSUE 249 AUGUST 17, 2017
GLOBAL TAX WEEKLY a closer look ISSUE 249 AUGUST 17, 2017 SUBJECTS TRANSFER PRICING INTELLECTUAL PROPERTY VAT, GST AND SALES TAX CORPORATE TAXATION INDIVIDUAL TAXATION REAL ESTATE AND PROPERTY TAXES INTERNATIONAL
More informationThe Capital Requirements (Country-by-Country Reporting) Regulations December 2017
HSBC Holdings plc The Capital Requirements (Country-by-Country Reporting) Regulations 2013 31 December 2017 This report has been prepared for HSBC Holdings plc and its subsidiaries (the HSBC Group ) to
More informationCOUNTRY COST INDEX JUNE 2013
COUNTRY COST INDEX JUNE 2013 June 2013 Kissell Research Group, LLC 1010 Northern Blvd., Suite 208 Great Neck, NY 11021 www.kissellresearch.com Kissell Research Group Country Cost Index - June 2013 2 Executive
More informationSchroder Diversified Growth Fund. Interim Short Report 6 March 2016 to 5 September 2016
Schroder Diversified Growth Fund Interim Short Report 6 March 2016 to 5 September 2016 Review of Investment Activities From 4 March 2016 to 5 September 2016, the price of I Accumulation units on a dealing
More informationDIVERSIFICATION. Diversification
Diversification Helps you capture what global markets offer Reduces risks that have no expected return May prevent you from missing opportunity Smooths out some of the bumps Helps take the guesswork out
More informationImportant 2007 Tax Information
Important 2007 Information For First American s Shareholders In order to assist you with your 2007 income tax preparation, we have compiled this important tax information pertaining to First American s.
More informationSwedish portfolio holdings. Foreign equity securities and debt securities
Swedish portfolio holdings Foreign equity securities and debt securities 2007 Swedish portfolio holdings Foreign equity securities and debt securities 2007 Statistiska centralbyrån 2008 Swedish portfolio
More informationGENERAL ANTI AVOIDANCE RULE RECENT CASE LAW IN ARGENTINA
GENERAL ANTI AVOIDANCE RULE RECENT CASE LAW IN ARGENTINA Leandro M. Passarella Passarella Abogados TTN Conferences Latin America 2014 Buenos Aires November 17, 2014 Background Past structures Case Law
More informationGuide to Treatment of Withholding Tax Rates. January 2018
Guide to Treatment of Withholding Tax Rates Contents 1. Introduction 1 1.1. Aims of the Guide 1 1.2. Withholding Tax Definition 1 1.3. Double Taxation Treaties 1 1.4. Information Sources 1 1.5. Guide Upkeep
More informationTotal Imports by Volume (Gallons per Country)
4/5/2018 Imports by Volume (Gallons per Country) YTD YTD Country 02/2017 02/2018 % Change 2017 2018 % Change MEXICO 53,961,589 55,268,981 2.4 % 108,197,008 114,206,836 5.6 % NETHERLANDS 12,804,152 11,235,029
More informationDFA Global Equity Portfolio (Class F) Quarterly Performance Report Q2 2014
DFA Global Equity Portfolio (Class F) Quarterly Performance Report Q2 2014 This presentation has been prepared by Dimensional Fund Advisors Canada ULC ( DFA Canada ), manager of the Dimensional Funds.
More informationSwedish portfolio holdings. Foreign equity securities and debt securities
Swedish portfolio holdings Foreign equity securities and debt securities 2008 Swedish portfolio holdings Foreign equity securities and debt securities 2008 Statistics Sweden 2009 Swedish portfolio holdings
More informationArgentina Bahamas Barbados Bermuda Bolivia Brazil British Virgin Islands Canada Cayman Islands Chile
Americas Argentina (Banking and finance; Capital markets: Debt; Capital markets: Equity; M&A; Project Bahamas (Financial and corporate) Barbados (Financial and corporate) Bermuda (Financial and corporate)
More informationTAXATION OF TRUSTS IN ISRAEL. An Opportunity For Foreign Residents. Dr. Avi Nov
TAXATION OF TRUSTS IN ISRAEL An Opportunity For Foreign Residents Dr. Avi Nov Short Bio Dr. Avi Nov is an Israeli lawyer who represents taxpayers, individuals and entities. Areas of Practice: Tax Law,
More informationSchroder QEP Global Active Value Fund. Interim Short Report 21 June 2016 to 20 December 2016
Schroder QEP Global Active Value Fund Interim Short Report 21 June 2016 to 20 December 2016 Schroder QEP Global Active Value Fund Review of Investment Activities From 20 June 2016 to 20 December 2016,
More informationQuarterly Investment Update First Quarter 2017
Quarterly Investment Update First Quarter 2017 Market Update: A Quarter in Review March 31, 2017 CANADIAN STOCKS INTERNATIONAL STOCKS Large Cap Small Cap Growth Value Large Cap Small Cap Growth Value Emerging
More informationDFA Global Equity Portfolio (Class F) Performance Report Q3 2018
DFA Global Equity Portfolio (Class F) Performance Report Q3 2018 This presentation has been prepared by Dimensional Fund Advisors Canada ULC ( DFA Canada ), manager of the Dimensional Funds. This presentation
More informationDFA Global Equity Portfolio (Class F) Performance Report Q4 2017
DFA Global Equity Portfolio (Class F) Performance Report Q4 2017 This presentation has been prepared by Dimensional Fund Advisors Canada ULC ( DFA Canada ), manager of the Dimensional Funds. This presentation
More informationDFA Global Equity Portfolio (Class F) Performance Report Q2 2017
DFA Global Equity Portfolio (Class F) Performance Report Q2 2017 This presentation has been prepared by Dimensional Fund Advisors Canada ULC ( DFA Canada ), manager of the Dimensional Funds. This presentation
More informationQuarterly Investment Update First Quarter 2018
Quarterly Investment Update First Quarter 2018 Dimensional Fund Advisors Canada ULC ( DFA Canada ) is not affiliated with [insert name of Advisor]. DFA Canada is a separate and distinct company. Market
More information2013 Global Survey of Accounting Assumptions. for Defined Benefit Plans. Executive Summary
2013 Global Survey of Accounting Assumptions for Defined Benefit Plans Executive Summary Executive Summary In broad terms, accounting standards aim to enable employers to approximate the cost of an employee
More informationDFA Global Equity Portfolio (Class F) Performance Report Q3 2015
DFA Global Equity Portfolio (Class F) Performance Report Q3 2015 This presentation has been prepared by Dimensional Fund Advisors Canada ULC ( DFA Canada ), manager of the Dimensional Funds. This presentation
More informationSTANDARD FOR AUTOMATIC EXCHANGE OF FINANCIAL ACCOUNT INFORMATION. Philip Kerfs, OECD
STANDARD FOR AUTOMATIC EXCHANGE OF FINANCIAL ACCOUNT INFORMATION Philip Kerfs, OECD Overview Background, context and timeline The Standard: basic approach and key features Next steps: implementing the
More informationForeign Account Tax Compliance Act (FATCA)
Foreign Account Tax Compliance Act (FATCA) Andrea Garcia Castelao November 18, 2013 Foreign Account Tax Compliance Act (FATCA) 0 2013 Deloitte Tax LLP FATCA Update Final FATCA regulations were released
More informationSummary of key findings
1 VAT/GST treatment of cross-border services: 2017 survey Supplies of e-services to consumers (B2C) (see footnote 1) Supplies of e-services to businesses (B2B) 1(a). Is a non-resident 1(b). If there is
More informationUPDATE. COMMON REPORTING STANDARD IN THE CAYMAN ISLANDS. What is CRS? Participating Jurisdictions
www.kensington-trust.com UPDATE COMMON REPORTING STANDARD IN THE CAYMAN ISLANDS The Cayman Islands Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations, 2015
More informationTotal Imports by Volume (Gallons per Country)
10/5/2017 Imports by Volume (Gallons per Country) YTD YTD Country 08/2016 08/2017 % Change 2016 2017 % Change MEXICO 51,349,849 67,180,788 30.8 % 475,806,632 503,129,061 5.7 % NETHERLANDS 12,756,776 12,954,789
More informationSTOXX EMERGING MARKETS INDICES. UNDERSTANDA RULES-BA EMERGING MARK TRANSPARENT SIMPLE
STOXX Limited STOXX EMERGING MARKETS INDICES. EMERGING MARK RULES-BA TRANSPARENT UNDERSTANDA SIMPLE MARKET CLASSIF INTRODUCTION. Many investors are seeking to embrace emerging market investments, because
More informationSession 4, Stream 6. Global regulation of lending. John Paul Zammit. 07 & 08 October 2015
Session 4, Stream 6 Global regulation of lending John Paul Zammit 07 & 08 October 2015 This document sets out a high level summary only of the information received from local counsel for the purposes of
More informationTotal Imports by Volume (Gallons per Country)
1/5/2018 Imports by Volume (Gallons per Country) YTD YTD Country 11/2016 11/2017 % Change 2016 2017 % Change MEXICO 50,994,409 48,959,909 (4.0)% 631,442,105 657,851,150 4.2 % NETHERLANDS 9,378,351 11,903,919
More informationDoes One Law Fit All? Cross-Country Evidence on Okun s Law
Does One Law Fit All? Cross-Country Evidence on Okun s Law Laurence Ball Johns Hopkins University Global Labor Markets Workshop Paris, September 1-2, 2016 1 What the paper does and why Provides estimates
More informationGlobal Select International Select International Select Hedged Emerging Market Select
International Exchange Traded Fund (ETF) Managed Strategies ETFs provide investors a liquid, transparent, and low-cost avenue to equities around the world. Our research has shown that individual country
More informationOffshore financial centers in the Caribbean: How do U.S. banks benefit?
Offshore financial centers in the Caribbean: How do U.S. banks benefit? Michael Brei University Paris Ouest (France) & SALISES, UWI (Trinidad & Tobago) Motivation (I) - The decision of a country not to
More informationTotal Imports by Volume (Gallons per Country)
2/6/2018 Imports by Volume (Gallons per Country) YTD YTD Country 12/2016 12/2017 % Change 2016 2017 % Change MEXICO 50,839,282 54,169,734 6.6 % 682,281,387 712,020,884 4.4 % NETHERLANDS 10,630,799 11,037,475
More informationINVESTMENTS STATISTICAL DIGEST 2007
INVESTMENTS STATISTICAL DIGEST 2 Introduction The Cayman Islands Monetary Authority (CIMA) is pleased to release its 2 Investments Statistical Digest. This issue not only presents the 2 aggregate statistics
More informationFATCA Update May 2014
www.pwc.com The Basics Foreign Account Tax Compliance Act Purpose of Prevent and detect offshore tax evasion by US citizens Increased information reporting Enforced by withholding tax Effective begins
More informationFedEx International Priority. FedEx International Economy 3
SERVICES AND RATES FedEx International Solutions for your business Whether you are shipping documents to meet a deadline, saving money on a regular shipment or moving freight, FedEx offers a suite of transportation
More informationBalanced Select Portfolio Pn
Factsheet as at : September 22, 2018 Balanced Select Portfolio Pn Fund objective This portfolio aims to provide long-term capital growth while keeping risk in a target volatility range of 8-10% over a
More informationIs Economic Growth Good for Investors? Jay R. Ritter University of Florida
Is Economic Growth Good for Investors? Jay R. Ritter University of Florida What (modern day) country had the highest per capita income, in the following years? 1500 1650 1800 1870 1900 1920 It is widely
More informationSchroder ISF Global Multi-Asset Income
Factsheet as at : October 09, 2018 Schroder ISF Global Multi-Asset Income Fund objective The fund aims to provide an income distribution of 5% per annum and capital growth over a market cycle by investing
More informationTotal Imports by Volume (Gallons per Country)
6/6/2018 Imports by Volume (Gallons per Country) YTD YTD Country 04/2017 04/2018 % Change 2017 2018 % Change MEXICO 60,968,190 71,994,646 18.1 % 231,460,145 253,500,213 9.5 % NETHERLANDS 13,307,731 10,001,693
More informationDriehaus International Small Cap Growth Fund
DRIEHAUS CAPITAL MANAGEMENT SECOND QUARTER 208 Growth Fund KEY FEATURES Developed and emerging markets small cap exposure mark aware, not benchmark constrained Opportunistic investment approach High active
More informationMANDATORY PROVIDENT FUND SCHEMES AUTHORITY
Guidelines III.4 MANDATORY PROVIDENT FUND SCHEMES AUTHORITY III.4 Guidelines on Approved Exchanges INTRODUCTION Section 2 of the Mandatory Provident Fund Schemes (General) Regulation (the Regulation) defines
More informationSt. Martin 2013 SERVICES AND RATES
SERVICES AND RATES FedEx International Solutions for your business Whether you are shipping documents to meet a deadline, saving money on a regular shipment or moving freight, FedEx offers a suite of transportation
More informationDenmark Country Profile
Denmark Country Profile EU Tax Centre June 2018 Key tax factors for efficient cross-border business and investment involving Denmark EU Member State Double Tax Treaties With: Argentina Armenia Australia
More informationGlobal Business Barometer April 2008
Global Business Barometer April 2008 The Global Business Barometer is a quarterly business-confidence index, conducted for The Economist by the Economist Intelligence Unit What are your expectations of
More informationGUERNSEY FINANCIAL SERVICES COMMISSION INVESTMENT SUPERVISION AND POLICY DIVISION QUARTERLY STATISTICAL REVIEW 31 DECEMBER 2013 OPEN ENDED SCHEMES
Net Value of Total Value Total Value Net New Date Authorised/ of Sales of Repurchases Investment ( mn) Holders ( mn) ( mn) ( mn) 1-Dec-1 1-Mar-1 1 DECEMBER 1 OPEN ENDED -.,1 -. 1,69 +.,77,89-11 1 -.6%,16
More informationDenmark Country Profile
Denmark Country Profile EU Tax Centre July 2016 Key tax factors for efficient cross-border business and investment involving Denmark EU Member State Double Tax With: Treaties Argentina Armenia Australia
More informationThe Global Tax Reset 2017 Audit Committee Symposium
The Global Tax Reset Copyright 2017 Deloitte Development LLC. All rights reserved. 2017 Audit Committee Symposium Anticipate. Navigate. Focus. 1 The Global Tax Reset General context Multinational companies
More informationForeign Account Tax Compliance Act (FATCA)
Foreign Account Tax Compliance Act (FATCA) Impact Assessment on the Financial Services (Banking and Insurance) sectors and businesses in Trinidad and Tobago Presentation by the Bankers Association of Trinidad
More information2017 Global Trends in Investor Relations
0 2017 Global Trends in Investor Relations Primacy of Geopolitical Risk Geopolitical risk is still the number one concern for companies globally. Concern is increasing regarding the impact of emerging
More informationTable 1: Foreign exchange turnover: Summary of surveys Billions of U.S. dollars. Number of business days
Table 1: Foreign exchange turnover: Summary of surveys Billions of U.S. dollars Total turnover Number of business days Average daily turnover change 1983 103.2 20 5.2 1986 191.2 20 9.6 84.6 1989 299.9
More informationTotal Imports by Volume (Gallons per Country)
12/6/2018 Imports by Volume (Gallons per Country) YTD YTD Country 10/2017 10/2018 % Change 2017 2018 % Change MEXICO 56,462,606 60,951,402 8.0 % 608,891,240 662,631,088 8.8 % NETHERLANDS 11,381,432 10,220,226
More informationGUERNSEY. Sections 75C and 75CC of the Income Tax (Guernsey) Law, 1975
GUERNSEY Sections 75C and 75CC of the Income Tax (Guernsey) Law, 1975 75C. Notices under section 75A and 75B: requests for information. 75CC. Implementation of approved international agreements by regulation.
More informationCB CROSS BORDER YOUR GOAL. OUR MISSION.
CB CROSS BORDER YOUR GOAL. OUR MISSION. Your Chosen Counsel Because We care We are an international private wealth advisory We specialize in providing offshore solutions crossborderworldwide.com What we
More informationQ&A. 1. Q: Why did the company feel the need to move to Ireland?
Q&A 1. Q: Why did the company feel the need to move to Ireland? A: As we continue to grow the international portion of our business, we believe that moving to a member state of the European Union (EU)
More informationTotal Imports by Volume (Gallons per Country)
2/6/2019 Imports by Volume (Gallons per Country) YTD YTD Country 11/2017 11/2018 % Change 2017 2018 % Change MEXICO 48,959,909 54,285,392 10.9 % 657,851,150 716,916,480 9.0 % NETHERLANDS 11,903,919 10,024,814
More informationInternational Statistical Release
International Statistical Release This release and additional tables of international statistics are available on efama s website (www.efama.org). Worldwide Regulated Open-ended Fund Assets and Flows Trends
More informationTotal Imports by Volume (Gallons per Country)
7/6/2018 Imports by Volume (Gallons per Country) YTD YTD Country 05/2017 05/2018 % Change 2017 2018 % Change MEXICO 71,166,360 74,896,922 5.2 % 302,626,505 328,397,135 8.5 % NETHERLANDS 12,039,171 13,341,929
More informationTotal Imports by Volume (Gallons per Country)
3/6/2019 Imports by Volume (Gallons per Country) YTD YTD Country 12/2017 12/2018 % Change 2017 2018 % Change MEXICO 54,169,734 56,505,154 4.3 % 712,020,884 773,421,634 8.6 % NETHERLANDS 11,037,475 8,403,018
More informationAnti-Money Laundering Compliance Issues
Anti-Money Laundering Compliance Issues 4th Annual Continuing Professional Development Event November 12, 2015 Presented by: Victoria Stuart Peter Moffatt 1 Introduction Compliance regime for reporting
More informationH S B C H O L D I N G S P L C HSBC HOLDINGS PLC THE CAPITAL REQUIREMENTS. (Country-by-Country Reporting) REGULATION 2013
HSBC HOLDINGS PLC THE CAPITAL REQUIREMENTS (Country-by-Country Reporting) REGULATION 2013 31 December 2015 This report has been prepared for HSBC Holdings plc and its subsidiaries (the HSBC Group ) to
More information2018 Global Survey of Accounting Assumptions. for Defined Benefit Plans. Executive summary
2018 Global Survey of Accounting Assumptions for Defined Benefit Plans Executive summary Executive summary In broad terms, accounting standards aim to enable employers to approximate the cost of an employee
More informationINTERNATIONAL CONVENTION ON STANDARDS OF TRAINING, CERTIFICATION AND WATCHKEEPING FOR SEAFARERS (STCW), 1978, AS AMENDED
E 4 ALBERT EMBANKMENT LONDON SE 7SR Telephone: +44 (0)20 7735 76 Fax: +44 (0)20 7587 320 MSC./Circ.64/Rev.5 7 June 205 INTERNATIONAL CONVENTION ON STANDARDS OF TRAINING, CERTIFICATION AND WATCHKEEPING
More informationMANDATORY PROVIDENT FUND SCHEMES AUTHORITY
Guidelines III.4 MANDATORY PROVIDENT FUND SCHEMES AUTHORITY III.4 Guidelines on Approved Exchanges INTRODUCTION Section 2 of the Mandatory Provident Fund Schemes (General) Regulation ( the Regulation )
More informationMEXICO - INTERNATIONAL TAX UPDATE -
TTN Conference May 2017 MEXICO - INTERNATIONAL TAX UPDATE - Arturo G. Brook Main Taxes Income Tax Value Added Tax Others Agenda DTTs and TIEAs FATCA (IGA) and CRS Choice of Vehicles Income Tax - General
More informationPart B STATEMENT OF ADDITIONAL INFORMATION
Part B STATEMENT OF ADDITIONAL INFORMATION SIT LARGE CAP GROWTH FUND, INC. SNIGX SIT MID CAP GROWTH FUND, INC. NBNGX SIT MUTUAL FUNDS, INC, comprised of: SIT BALANCED FUND SIBAX SIT DIVIDEND GROWTH FUND,
More informationCurrent Issues in International Tax Policy
Current Issues in International Tax Policy Shigeto HIKI Director, International Tax Policy Division, Tax Bureau, Ministry of Finance, Japan The Fourth IMF-Japan High-Level Tax Conference For Asian Countries
More informationSwedish portfolio holdings. Foreign equity securities and debt securities
Swedish portfolio holdings Foreign equity securities and debt securities 2006 Swedish portfolio holdings Foreign equity securities and debt securities Statistiska centralbyrån 2008 Swedish portfolio holdings
More informationForeign Exchange Reserves in India
Year (as at end- SDRs## Foreign Exchange Reserves in India (1950-1951 to 2013-2014) Gold* Foreign Currency Assets* Rs. In Reserve Tranche Position (RTP) Total Reserve 1983-84 248 230 226 320 5,498 5,099
More information