The financial services industry has long operated in an environment of evolving accounting and regulatory requirements. While IFRS 9 has now become embedded in financial reporting frameworks, recent developments and the introduction of IFRS 18 are prompting financial institutions to revisit not only their accounting policies, but also how they communicate performance to investors and…
Emeritus Professor Joe Nellis is economic adviser at MHA, the accountancy and advisory firm. When the European Central Bank raised interest rates from 0% to 0.5% in July 2022, Eurozone inflation had already reached 8.7% the month prior. Policymakers were rightly criticised for acting too slowly across 2022 and 2023, allowing inflation to climb above…
The OECD has released a common understanding agreed by jurisdictions that implemented the global minimum tax (GMT) with effect from 2024, aimed at mitigating delays in the availability of fully operational filing portals or in the establishment of exchange relationships for the GloBE Information Return (GIR) ahead of forthcoming filing deadlines. Under this understanding, jurisdictions…
Emeritus Professor Joe Nellis is economic adviser at MHA, the accountancy and advisory firm. Eurozone inflation rose to 3.2% in May as pressure builds on the European Central Bank to act now to combat rising prices. Despite efforts to control it, underlying price pressures remain strong, with service inflation and wage growth persisting, businesses passing on…
The tax authorities in Belgium have announced that the filing deadline for both the qualifying domestic minimum top-up tax and the top-up tax under the income inclusion rule (IIR) has been extended. Qualifying Domestic Minimum Top-Up Tax The filing deadline for reporting years that start on 31 December 2023 or later, and reporting years ending…
